Jul 1, 2018

Tesla hits its Model 3 production goal — 5 hours late

A Tesla showroom in Manhattan. Photo: Spencer Platt/Getty Images

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.

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Fed temporarily lifts Wells Fargo's growth restrictions

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The Federal Reserve said Wednesday it will temporarily lift Wells Fargo’s growth restriction put in place following the bank’s customer abuse scandals.

Why it matters: One of the nation's biggest lenders said the Fed's asset cap prevented it from lending more to struggling small businesses as part of the government's aid package. Now Wells Fargo says it will reopen its application process and lend to a broader set of business owners.

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Coronavirus dashboard

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  1. Global: Total confirmed cases as of 2 p.m. ET: 1,464,852 — Total deaths: 85,397 — Total recoveries: 315,105Map.
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  5. Business updates: Roughly one-third of U.S. apartment renters didn't make April payments — The Fed will lift Wells Fargo's asset cap to help small business lending.
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