Hyperdrive
Musk Says Tesla Manufacturing to Shift From ‘Hell’ to Strength
- CEO reaffirms target to make 5,000 sedans a week by end-June
- Predicts China gigafactory announcement as early as next month
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Elon Musk is confident Tesla Inc. can finally meet a production target with its crucial Model 3 and predicted that manufacturing will actually become a strength for the electric-car maker over time.
The shares surged Wednesday after Musk, Tesla’s chief executive officer, said the company was “quite likely” to build 5,000 of the sedans a week by the end of this month. Musk reaffirmed his forecasts for second-half profit and cash generation based on that target, and said he still sees no need to raise more capital.