Tesla reports that in the last seven days of its second quarter, the company produced 5,031 Model 3 and 1,913 Model S and X vehicles. Overall, second quarter production totaled 53,339 vehicles, which was a 55% increase from the first quarter, making it the most productive quarter in Tesla history by far.
For the first time, Model 3 production of 28,578 exceeded combined Model S and X production of 24,761 and Model 3 weekly production rate also more than doubled during the quarter. This is almost three times the amount of Model 3s produced in the first quarter. Its. Tesla expects to increase production to 6,000 Model 3s per week by late next month.
The company reaffirmed its guidance for positive GAAP net income and cash flow in the third quarter and fourth quarter.
Second quarter deliveries totaled 40,740 vehicles, of which 18,440 were Model 3, 10,930 were Model S, and 11,370 were Model X, in line with its guidance provided on May 3 and higher than numbers from a year ago.
Tesla is in the process of changing the quarterly production pattern “to ensure a more linear flow of deliveries through the quarter.”
The overall target for 100,000 Model S and Model X deliveries in 2018 is unchanged. Meanwhile, 11,166 Model 3 vehicles and 3,892 Model S and X vehicles were in transit to customers at the end of the second quarter and will be delivered in early third quarter, due to a significant increase in production towards the end of the quarter. There were roughly 420,000 Model 3 reservations at the end of the second quarter.
Tesla believes that when they start providing customers an opportunity to test drive the car at their local store, its orders will grow faster than its production rate.