Per Reuters, Tesla, Inc. (TSLA - Free Report) reached the milestone of making 1,000 of its Model 3 sedans in a day. The news first appeared on Electrek.com. Tesla’s CEO Elon Musk informed employees about this achievement. After attaining this feat, the CEO wants all employees of Tesla to focus on maintaining this production rate and lowering costs.
Electric vehicles pioneer, Tesla introduced Model 3 sedan in early 2016 and faced several ups and downs. In 2017, the company was “on track” to meet the target of producing 5,000 Model 3s per week by the end of that year and it achieved the target. This prompted it to raise the target again.
However, the latest production rate amounts to 7,000 Model 3s a week and indicates robust growth. Tesla roughly produced 5,300 Model 3 vehicles in the last week of the third quarter of 2018. The Model 3 production system was stable during the quarter. The company started the quarter by producing only Rear Wheel Drive (RWD) Model 3s and ended it by manufacturing almost the entire All-Wheel Drive (AWD) version of Model 3.
Over the past six months, shares of Tesla outperformed the industry it belongs to. Over this time frame, shares of the company gained 18.1%, whereas the industry decreased 3.6%.
Currently, Tesla sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
A few other top-ranked stocks in the auto space are Allison Transmission Holdings, Inc. (ALSN - Free Report) , Fox Factory Holding Corp. (FOXF - Free Report) and America's Car-Mart, Inc. (CRMT - Free Report) . While Allison Transmission and Fox Factory sport a Zacks Rank #1, America's Car-Mart carries a Zacks Rank #2 (Buy).
Allison Transmission has an expected long-term growth rate of 10%. Over the past six months, shares of the company have surged 12.4%.
Fox Factory has an expected long-term growth rate of 17.9%. Over the past six months, shares of the company have risen 55.4%.
America’s Car-Mart has an expected long-term growth rate of 19.5%. Over the past six months, shares of the company have risen 14.6 %.
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