Tesla to exceed mass market car production target

Tesla Motors has claimed it is on track to produce 500,000 vehicles in 2018, two years earlier than expected.

The news comes after the electric vehicle (EV) manufacturer reported a first quarter loss of £195 million, in line with investors’ expectations. However, the announcement that it would be increasing production has since sent its share up four per cent in after-hours trading.

Tesla has reported it was on track to deliver 80,000 to 90,000 EVs for 2016, with demand rising across all its models, particularly for the Model 3, the manufacturer’s first mass-market product. Data shows the group has received 325,000 orders for the Model 3, which could result in $14 billion in future sales.

Elon Musk, chief executive of Tesla, said: "Increasing production five-fold over the next two years will be challenging and will likely require some additional capital, but this is our goal.”

Read more