So far it’s a whirlwind week for Tesla. The California automaker is moving and shaking a lot, but nobody knows exactly where it will sit once the dust clears.
For starters, Model 3 production capacity has finally reached 5,000 units a week. Sure, there are debates about the manufacturing quality, but with hundreds of thousands of orders to fill, Tesla needs to keep moving forward. That surge has led to something pretty amazing: the Tesla Model 3 has become one of the top 10 best selling passenger cars in America, according to GoodCarBadCar. The site also said the Model 3 was the top entry level luxury car for July. In addition, the Model 3 was the top-selling American car on the market.
These are not small feats, and that means more cash in Tesla’s pocket. But will this momentum keep up, and for how long? Those are good questions. But wait, there’s more.
On Tuesday Elon Musk got on Twitter and said he wants to take Tesla private. He claimed funding was already secured, then trading of Tesla shares was halted. It’s an interesting move, because Wall Street hasn’t always been a huge supporter of the CEO. Some big investors have even rallied to have him replaced by someone else.
What’s more, the Financial Times reported that Saudi Arabia’s sovereign wealth fund has grabbed a $2 billion stake in the California automaker. Those are interesting bedfellows, considering Saudi Arabia has made a fortune off selling oil, while Tesla has been working to reduce the world’s dependence on oil.