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Tesla confirms Model 3 production falls short of Q1 target

by Justin King

The company built 2,020 Model 3 sedans over a seven-day period, doubling the rate from the previous quarter.

Confirming recent reports, Tesla has outlined its Q1 production performance including a seven-day total of 2,020 Model 3 sedans during the very last week of the quarter.

The company initially hoped to build a half million Model 3 vehicles this year. The Q1 production total currently sits at just 9,766 units, however.

Despite falling short of the already-lowered goal of 2,500 units, the company's investor release took an upbeat tone and focused on quality and the relatively fast ramp compared to the Model S and X -- nine months for the 3, compared to five years for the S/X.

"The Model 3 output increased exponentially, representing a fourfold increase over last quarter," the company said. "This is the fastest growth of any automotive company in the modern era. If this rate of growth continues, it will exceed even that of Ford and the Model T."

The automaker still hopes to reach an output level of 5,000 per week within the next three months.