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Tesla's Musk Pushes Workers to Speed Production

'This is the biggest wave in Tesla history, but we got to get it done. Much appreciated, Elon,' the CEO wrote, a media report says.
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Tesla  (TSLA) - Get Tesla Inc Report Chief Executive Elon Musk is pushing his workers to boost production in a hurry, a media report says.

“The end of the quarter delivery wave is unusually high this time, as we suffered (like the rest of the industry) from extremely severe parts shortages earlier this quarter,” he wrote employees in a memo published by Electrek.

“This meant building a lot of cars with missing parts that needed to be added later. I’d like to thank all Tesla techs and contractors that helped add back the missing parts, often in very difficult conditions. You rock!”

As for the scenario ahead, “we are for sure dying to reduce the size of the end-of-the-quarter delivery wave!” Musk said.

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“The goal is to do so in Q4 (allowing some Q4 production to spill over to delivery in Q1). However, early Q3 production was so challenging that we need to go super hardcore to make up for it over the next approximately 22 days to ensure a decent Q3 delivery number.

“This is the biggest wave in Tesla history, but we got to get it done. Much appreciated, Elon.”

Tesla shares recently traded at $759.72, up 0.6%. They have gained 12% over the past six months.

Morningstar analyst Seth Goldstein puts fair value at $600 for the stock. “We award Tesla with a narrow moat rating,” he wrote last month.

“The company’s strong brand cachet … commands premium pricing in the luxury auto market, while Tesla’s electric vehicle manufacturing expertise allows the company to make its vehicles cheaper than its competitors.”