Tesla’s Model 3 QUIETLY becomes the best selling mid-sized premium sedan in May

Tesla

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.