Tesla rolls out 34,494 cars in Q1 2018, its most productive quarter yet

American EV maker EV has reported its most productive quarter in its history. Production in the January-March 2018 period (Q1) totaled 34,494 vehicles, a 40 percent increase from Q4. This comprised 24,728 Model S and Model X, and 9,766 were Model 3.

The Model 3 output is a four-fold increase over the last quarter. Tesla says it was able to "double the weekly Model 3 production rate during the quarter by rapidly addressing production and supply chain bottlenecks, including several short factory shutdowns to upgrade equipment."

"In the past seven days, Tesla produced 2,020 Model 3 vehicles. In the next seven days, we expect to produce 2,000 Model S and X vehicles and 2,000 Model 3 vehicles. It is a testament to the ability of the Tesla production team that Model 3 volume now exceeds Model S and Model X combined. What took our team five years for S/X, took only nine months for Model 3."

Tesla expects the Model 3 production rate to rise rapidly through Q2 and is targeting a production rate of approximately 5,000 units per week in about three months. As a result, the company says it "does not require an equity or debt raise this year, apart from standard credit lines."

As regards sales, Tesla says its Q1 deliveries totaled 29,980 vehicles, of which 11,730 were Model S, 10,070 were Model X, and 8,180 were Model 3. "Net orders for Model S and X were at an all-time Q1 record, and demand remains very strong. Model S and X customer vehicles in transit were high. 4,060 Model S and X vehicles were in transit to customers at the end of Q1, which was 68% higher than at the end of Q4 2017. An additional 2,040 Model 3 vehicles were also in transit to customers. These vehicles will be delivered in early Q2 2018, which keeps us on track for our full-year 2018 Model S and X delivery guidance."

Also read: Is Tesla running out of charge?

Audi to launch e-tron GT as Tesla Model S rival

Insight: could Fisker become the next Tesla?