Tesla Motors is gearing up to manufacture 5 lakh Model 3 cars in 2018. Tesla is determined to build 5 lakh cars of the mass market all electric sedan in 2018, two years ahead of schedule.
The American electric carmaker wanted to make a net profit in the final quarter of this year three months ago, but gave no target. Tesla said it will raise the capital spending by 50 percent to around 2.25 billion dollars.
Tesla Motors is already valued as one of the biggest car companies in the world and is aiming to become a high volume carmaker in a few years. Company shares rose more than 5 percent just hours after the first quarter results were announced and increased production targets.
Tesla did report a net loss in the first quarter, but is on track to deliver around 90,000 electric vehicles this year. The Tesla Model 3 sedan is to be manufactured from 2017 onward and has already created a huge interest among people since it was unveiled in March.
Elon Musk, the key person behind Tesla said that the target volume for the year 2020 will be 1 million cars.