Tesla on track to make 8,000 Model 3s per week

CALIFORNIA, Aug 20 (Reuters): Tesla Inc is on its way to make 8,000 Model 3 cars per week even as it burns more cash, Evercore analysts wrote in a note.

They paid a visit to the electric-car maker's California facility last week.

Tesla produced 5,031 Model 3 electric cars in the last seven days of the second quarter, the company said in early July, meeting its long-elusive production target after several hiccups.

"Tesla seems well on the way to achieving a steady weekly production rate of five to 6k units per week," said the Evercore analysts after a two-day visit to the Tesla facility. "In addition, the capex required and constraints that need to be overcome to reach seven to 8k units per week seem well within reach," they said.

The company is under pressure to prove it can increase the production of Model 3, its lowest-priced car, amid production challenges and cash burn, as it seeks to become a mass-market automaker.