The stock of Tesla Inc (NASDAQ:TSLA) closed at $347.09 after gaining 6.51% in yesterday’s trading session. Its waiting list is reportedly growing pretty fast. On Wednesday, the provider outlined that it was averaging about 1,800 net reservations every passing day for its cheaper electric car. In the previous week, an event occurred where the company was expected to hand over keys to the first 30 Model 3 vehicles.
One of the company’s executive stated, “With no advertising, paid endorsements or guerilla [sic] marketing campaigns, Model 3 net reservations have still steadily climbed every month, and have even accelerated further in recent weeks.”
As a matter of fact, the provider declined to give an update regarding the new figure of its waiting list. It was during last week’s event that Elon Musk opined that the reservation figure stood at about 500,000.
The company observes the strong demand as some sort of mixed blessing on its part as it struggles with scaling up production. These are efforts it expects to make good on deliveries for its enormous market car.
Tesla takes the strong stand of remaining on track towards hitting its production goals. It hopes to succeed at producing about 1,500 Model 3 vehicles in the upcoming third quarter thus hitting the 5,000 mark.
The provider hopes that it will be able to move faster in its efforts to get everyone’s Model 3 to them with immediate effect. Also, it has outlined that in its production ramp will be following an S-Curve. That implies that it will kick start in a slow manner and then grow exponentially after which it will tail off once full production is achieved.
It goes without saying that even without Model 3 the company’s car production seems to be growing pretty fast. The second quarter saw the provider produce about 25,708 vehicles. Reportedly, this was by 40% higher as compared to what was achieved during the same period last year.
Tesla says that it has witnessed a major boost in orders for its luxury Model S vehicles in spite of the unveiling of the cheaper model. Wallstreet had predicted a great loss. But the company posted $2.79 billion in sales for the quarter.