Tesla Model 3 Deliveries Surge in Move Past Musk's Controversies

SEC Lawsuit Against Musk Wiped $7.3 Billion From Tesla’s Market Value

Elon Musk agrees to step down as Tesla Chairman, to pay $20 million fine

Hitting this metric is supposedly a key step to getting the company profitable, and while Tesla did produce a little over 5,000 Model 3 cars one week in June-proving its facilities are capable-the company seems to be struggling with other components of the manufacturing process.

Tesla said it was speeding up construction of its Shanghai giga factory to combat a huge competitive disadvantage against other producers and even other imported cars, which carry a lower 15 percent tariff.

That's a big increase on Q2 2018, when Tesla delivered 40,768 vehicles, and it's no doubt welcome news for a company that has been rocked by scandal of late. Musk is staying on as CEO, but giving up his chairmanship.

Analysts hoped the deal, which enforces oversight of Musk's public communications, would put an end to several months of turmoil that has prevented investors from focusing on a business that churned out a reported 80,000 cars in the third quarter.

As part of a settlement agreed with the commission for that tweet, Elon was made to pay a penalty of $20 million as well as agreeing to step down as Tesla's chairman. "If we go all out tomorrow, we will achieve an epic victory beyond all expectations".

The numbers initially lifted Tesla shares but they fell later as investors anxious about the company's warning that a 40-percent tariff on Chinese imports of its cars was blocking sales in the world's biggest electric vehicle market.

Analysts are expecting Tesla to report a third-quarter loss of about $200 million, according to FactSet. Overall, 55,480 of these were Model 3s compared to 14,470 Model Ss and 13,190 Model Xs.

Including its flagship Model S and X vehicles, Tesla produced a total of 80,142 vehicles in the quarter and delivered 83,500. Irate Tesla consumers are posting on social media about infinite delays and delivery dates that keep moving. My vehicle is one of these.

Musk tweeted back and acknowledged the problem: "Sorry, we've gone from production hell to delivery logistics hell, but this problem is far more tractable. @Tesla @elonmusk... Please make this right".

"This business of putting down a deposit and waiting forever to get the coolest auto on the planet, well it's no longer going to be the coolest vehicle on the planet, so you're going to have to start delivering them or people are going to stop buying them", he said.

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