Tesla Ramps Up Model 3 Production

Tesla reported a 8% year-on-year fall in revenues for the third quarter of 2019 to 6.3 billion US dollars, driven by a 12% fall on automotive revenues. It blamed the fall on a decline in the average selling price of its cars as its lower-cost Model 3 becomes a larger part of its product mix, together with a sharp rise in the number of vehicles Tesla is leasing, rather than selling.

"We are positioned to accelerate our growth further through Gigafactory Shanghai, Model Y and also through increasing build rates on our existing production lines," Tesla reported. "These capacity increases will allow for higher total vehicle deliveries and associated revenue."

Tesla said customers have used its new Smart Summon feature, which was launched in the US in September, more than one million times to date. This functionality allows Tesla owners to summon their cars from up to 200 feet in a parking lot or driveway.  source: Tesla statement