Tesla Inc (NASDAQ: TSLA) is having an overwhelmingly strong start to the trading session this morning, and for good reason. The company announced that it has reached a production milestone surrounding what CEO, Elon Musk, once referred to as production hell. Of course, the milestone excited investors, sending the stock on a run for the top. Today, we’ll talk about:
- The milestone;
- what we’re seeing from TSLA as a result; and
- what we’ll be watching for ahead.
TSLA Reaches Key Production Milestone
As mentioned above, Tesla is having an oerwhelmingly strong start to the trading session in the pre-market hours this morning after the comapny announced that it has reached a key milestone. In various reports that broke yesterday, it has been announced that the company has produced 5,000 Model 3 vehicles in one week.
According to a story that first broke on Reuters, on Sunday morning, TSLA pulled the 5,000th Model 3 vehicle off of the assembly line, hitting a target that Elon Musk planned on meeting by the end of last year.
Nonetheless, the Model 3 has been riddled with issues. In fact production got bottlenecked so bad since the launch of the Model 3 that the company once revered to hand-building cars. However, it seems as though those issues are behind us. In fact, on Sunday, Musk tweeted that the company had produced 7,000 cars in 7 days.
What We’re Seeing From The Stock
With the fact that the copany has finally met a production goal that was planned for late last year, investors are excited. This can be see by taking a look at the dramatic gains that we’re seeing on the stock this morning. Of course, our partners at Trade Ideas were the first to alert us to the gains. Currently (7:37), TSLA is trading at $364.50 per share after a gain of $21.55 per share or 6.28% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on TSLA. In particular, we’re interested in following the news surrounding production as things finally seem to be headed in the right direction. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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