The automaker published a company letter to its shareholders on its website, announcing that production has been ramped up from a mere five cars per week at the beginning of the quarter. Tesla ultimately wants to produce at least 20,000 vehicles a year, which it hopes to achieve with its target goal of 400 per week by December.
This is good news for Tesla, which reported a third-quarter loss of $110.8 million. The Tesla Model S was recently named one of TIME Magazine’s best inventions of 2012.
“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,” the letter said. “That rate has doubled since last month and is now at over 200 cars per week or 10,000 cars per year, which is at the critical threshold needed for Tesla to generate positive operating cash flow.”