Tesla close to hitting a key Model 3 production goal but Elon Musk says the the process has been 'hellish' TSLA

Get the Full StoryJoe Skipper Reuters

Tesla expects to make 5,000 of its Model 3 cars in a week by the end of this month, company CEO Elon Musk said Tuesday.

That's a key production target; the company, which is losing huge amounts of money, has said it won't generate income until it hits that level.

The process of ramping up Model 3 production has been "hellish," Musk said.

Tesla is getting close to hitting a key production target, company CEO Elon Musk said at the electric car maker's annual shareholder meeting on Tuesday.

After making improvements to the manufacturing lines that are building its Model 3 car, Tesla is ramping up production of the new mid-size car, Musk said. The company has already demonstrated the ability to make 500 cars a day, or 3,500 a week, and should able to boost production even further in coming weeks.See the rest of the story at Business InsiderNOW WATCH: How a 9 billion startup deceived Silicon ValleySee Also:The number of electric cars on the road has more than doubled over the last three yearsThe San Francisco housing market is so dire that people are leaving in droves here's where they're headedLas Vegas casinos prepare to hemorrhage 10 million a day as their workers, fearing their jobs will be replaced by robots, get ready to go on strikeSEE ALSO: Elon Musk's new Tesla pay package could make him 55.8 billion and it's a case study in what's wrong with executive compensation