Tesla hits its Model 3 production goal — 5 hours late

Tesla almost reached Elon Musk's goal of producing 5,000 Model 3 electric sedans per week during the last week of its second quarter, reports Reuters. The 5,000th car made it through final quality checks around 5 a.m. PT — mere hours after Musk's midnight deadline.

Why it matters: Achieving the 5000-per-week production level for the Model 3 during the second quarter was vital for Tesla, even if it came a few hours late. The company has previously fallen short of production targets during the slower-than-expected ramp-up.

Yes, but: It remains to be seen how much confidence among investors and analysts that the seeming success in hitting the deadline will create. As Reuters notes, a key question is how long Tesla can sustain that production level.

• The company took aggressive measures at its California factory to meet the target, and it’s unclear to what extent the final push to boost Model 3 output may have required pulling resources from other models.