According to recent article at CNBC Tesla’s Model 3 became the best selling mid size premium sedan in May. Here are 5 more important facts from the article.
- An e-mail sent to all Tesla staff from Elon Musk on Friday night congratulated employees for the progress they’ve made on Model 3 vehicle production recently — but also said “radical improvements” are still needed in manufacturing to hit the company’s quarterly targets.
- During the company’s annual shareholders’ meeting earlier this month, Musk said it is “quite likely” Tesla will hit a weekly Model 3 production rate of 5,000 cars “by the end of this month.”
- Tesla embarked on a broad restructuring. The company is cutting at least 9 percent of its workforce, but not employees involved in Model 3 production.
- This week, Elon Musk bought around 72,000 Tesla shares, spending nearly $25 million to do so. His purchase appears to have helped propel shares up from a closing price of $342.77 on Tuesday to a closing price of $358.17 on Friday.
- Tesla remains one of the most shorted stocks on the market. Bears say the company needs — but can’t raise — billions in new capital to hit its goals.
From the backwoods of Michigan, Thomas Dishaw is writer and health hacker. Thomas currently resides outside Philadelphia with his wife and dog. You can support Thomas' work by making a donation below or following him on Instagram. You can reach Thomas via email at email@example.com.