Sleeping in the office and tourquing bolts on the assembly line floor in the second quarter paid off for Elon Musk.
Tesla (TSLA) met its goal of producing 5,000 Model 3s in the last week of the second quarter, according to an email from Musk to employees seen by TheStreet. "We did it!" Musk exclaimed in the letter. A Tesla spokesman confirmed the letter's authenticity. Electrek first reported the news.
An Instagram post is making the rounds of Tesla employees celebrating the milestone (see below). Actual numbers are expected to be released before the July 4 holiday.
Shares will be in focus on Monday as the achievement could set off a debate on whether Tesla will still need to raise capital this year, which Elon Musk said will not happen. For it not to happen, Musk will likely not only have to sustain the recent Model 3 production surge, but ramp up further in the weeks ahead without miscue.
"Hitting this milestone is a win for Tesla, but the real accomplishment will be if the company can keep up this pace," said Jeremy Acevedo, manager of industry analysis at Edmunds. "Erecting a tent and cramming in extra shifts aren't necessarily the signs of a company on a sustainable path, but Tesla has proved at least in the near term that the company is serious about quieting the naysayers and at least trying to keep its promises."