Production of Tesla’s Model 3 sedan increased in the company’s first quarter, but fell short of its goal of producing 2,500 vehicles a week.
Tesla produced nearly 35,000 vehicles in its first production quarter of 2018 — a fourfold increase over the previous quarter, the company said. Of the 34,494 vehicles built in the quarter, 9,766 were Model 3s.
The company expects production to climb rapidly through the second quarter.
First-quarter deliveries also set a new record, totaling 29,980 vehicles. Of the three Tesla models, 11,730 were Model S, 10,070 were Model X and 8,180 were Model 3.
Tesla shares were trading up about 3 percent before the bell Tuesday at around $262 per share.
Shares of the electric car maker skyrocketed throughout much of last year, due in large part to anticipation over the Model 3, Tesla’s first mid-priced sedan. Tesla aimed to hit a production target of 2,500 Model 3 sedans a week by the end of the first quarter and 5,000 a week by the end of the second. The company had initially planned to hit these in 2017. But production issues have plagued the company and it has repeatedly had to delay its production targets.
On Monday, Tesla confirmed a report from the Information that said CEO Elon Musk has taken over Model 3 production from senior vice president of engineering, Doug Field.
It also announced a voluntary recall of 123,000 Model S sedans on Thursday, and made the National Traffic Safety Board “unhappy” when it publicly shared data from a fatal crash in California involving its driver assistance system, Autopilot.
