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Tesla Keeping Model 3 Steady as Musk to Lose CFO, Seek Cash

  • Company to run ‘close to the edge’ without infusion, Musk says
  • Model 3 seen exceeding 5,000 units output per week by year-end
Bloomberg business news

Tesla Posts Narrower Loss Than Estimated

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Elon Musk delivered a mixed bag for Tesla Inc. shareholders, reassuring that his mass-market electric sedan will arrive on time in July while disclosing the departure of a senior executive and warning the company probably will need another cash infusion.

The Model 3 electric sedan remains on schedule and will reach production of about 5,000 units per week by the end of the year, Tesla said Wednesday. Reassurances from Musk on the car’s timing are relieving the fret over whether the company can overcome its long history of product delays. Management ranks, on the other hand, remain unstable -- Chief Financial Jason Wheeler, who joined the company about 15 months ago, will leave in April.