Tesla announced that its Model S will reach 400 units per week by December.
Tesla gave the announcement after it reported that its third quarter loss reached $110.8 million or $1.05 per share, an increase from $65.1 million or 63 cents per share in 2011. The automaker said that the beginning of the quarter it was only producing five cars and that the increase to 400 units means that it has “successfully transitioned to a mass-production car company.”
“The third quarter was a fundamental turning point for Tesla as we successfully transitioned to a mass-production car company, growing from manufacturing five cars per week at the beginning of the quarter to 100 cars per week by the end, ” said the company.
Tesla said that the current production is 200 cars per week, which means 10,000 units per year, and that it plans to reach 400 units in December, which means 20,000 units per year. Tesla reported it has sold 253 Model S sedans and 68 Tesla Roadsters during the third quarter.
“We are at a turning point in history where, for the first time, a purely electric car is a better product than any gasoline car,” said CEO Elon Musk.