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Hundreds of internet users crowdfund Elon Musk $5000 for a new sofa

19 April 2018, 02:03 | Gordon Grant

Tesla to push for 6000 Model 3 cars per week by end-June, Musk says

Tesla and SpaceX CEO Elon Musk speaks onstage at the South by Southwest festival. Musk decided to delete his Facebook account following the Cambridge Analytica scandal

After falling behind in its initial Model 3 production ramp and lowering output targets, Tesla is now apparently confident it can raise its output goals for the second quarter.

In the past month, the electric-car maker's stock price has whipsawed violently, declining by 16% since mid-March amid worries surrounding the company's need for more cash (though CEO Elon Musk maintains it will not need another round of infusion), a fatal Model X crash in California, a downgrade at Moody's, and Model 3 deliveries that fell short of expectations. "The reason for the new target is that 5,000 Model 3s per week leaves the company with "no margin for error" across the company's manufacturing process and supply chain".

The announcement to increase the production of Model 3 to more than 3,000 per week came three days after Musk expressed confidence he could speed up the production.

Tesla had been under the pressure to prove to the Critics and investors that the company can increase the production of the electric mass market auto with $35,000 starting price. "This should set us up for Model 3 production of 3,000 to 4,000 per week next month", Tesla CEO Elon Musk said in a letter to employees, Electrek reported Tuesday.

Workaholic Tesla boss Elon Musk has been working under a lot of stress at work lately, pulling night shifts and sleeping in the office on a cold, cramped sofa.

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Musk has big goals for Model 3 production.

Still, the planned production halt points to more than just unlocking production potential; several industry observers indicated that complete stoppages lasting several days are more indicative of persistent problems in assembly, rather than a planned increase in output. And then, once further work is done on the line in May, he added that manufacturing 6,000 Model 3s per week will become the new requirement.

The Model 3 is key to the company's efforts to generate revenue to repay investors and push development of other electric vehicles. The Wall Street consensus is at $320.

"I have been disappointed to discover how many contractor companies are interwoven throughout Tesla", Musk writes in the email.

Weeks following a crash that claimed the life of Model X owner Walter Huang, Tesla's response to the event continues to create controversy for the automaker and its Autopilot system.Huang, 38, .

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