Tesla's improved Model 3 results keep Elon Musk's balls in the air

Tesla shares fall on worries about Model 3 production rate

"We were able to double the weekly Model 3 production rate during the quarter by rapidly addressing production and supply chain bottlenecks, including several short factory shutdowns to upgrade equipment", Tesla said in a statement. Under these circumstances, the company indicated that it would not need to raise additional equity or debt this year, apart from its standard credit lines.

Invest wisely, my friends.

According to Tesla, it produced more than 2000 Models 3s in the past week, with production of that model now exceeding the combined output of the Model S and Model X. The company added: "What took our team five years for S/X took only nine months for Model 3". Tesla also says that in the next seven days it expects to produce 2,000 Model S and X vehicles and 2,000 Model 3 sedans. Tesla missed the mark, making only 2,020 Model 3s the last week of 2018's first quarter.

With Tesla confirming its first quarter production and delivery results today, the company also confirmed that the Model 3 is now officially the best-selling electric vehicle in the US.

Amid slowdowns in Model 3 production, Tesla has seen its shares drop nearly 18 percent since the beginning of the year.

What could potentially change the best-selling EV ranking, as Tesla could potentially slow down delivery in the United States in order to push its 200,000th total delivery (Model S, Model X, and Model 3 combined) in order to start the phase-out of the federal tax credit in the third quarter instead of the second.

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Announced in March 2016, and originally set for launch by the end of 2017, the Model 3 generated huge interest, with 450,000 (paid) reservation deposits plonked down.

You can view Tesla's stock in real time here.

After assessing Tesla's Q1 production numbers as well as the company's cash burn, Bloomberg's Liam Denning wondered if the shareholders' optimism was justified.

That last sentence is what's driving the share price up Tuesday.

Competition isn't far behind, with Jaguar's i-Pace launching in early March at the high end, and the Model 3 facing the Chevrolet Bolt (launched last year), and a large number of similar long-range alternatives (including the Nissan LEAF 230-mile range version, Hyundai Kona EV, Kia Niro EV and Audi eTron) in 2018. It said: "The quality of Model 3 coming out of production is at the highest level we have seen across all our products". The company also notes over 6,000 vehicles are in transit and demand remains strong for the Model S and X despite the launch of the Model 3.

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