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Tesla Inc manufactures a record 80,000 vehicles in 3Q, says Elektrek report

Elektrek says Tesla exceeded its target of building at least 50,000 Model 3 cars in the third quarter
Tesla car in production
Details of Tesla's car production follow a settlement over fraud charges against the CEO

Tesla CEO Elon Musk is having a dreadful week, but the company (NASDAQ:TSLA) has some encouraging news. The electric-car maker manufactured a record 80,000 vehicles in the third quarter, per a report in Elektrek, which cited a source familiar with the matter.

Indeed, Tesla exceeded its target of building at least 50,000 Model 3 cars in the third quarter and built  80,000 vehicles, marking a level of production that is unparalleled for the car maker.

Efforts were made in the last hours to churn out more vehicles even after Tesla met its Model 3 production goal with over two days to go, according to the Elektrek report.

Of those 80,000 vehicles, Tesla manufactured about 53,000 Model 3 cars in the quarter, which represents a 187% jump in output from the previous quarter, per Elektrek.

Read: Elon Musk and Tesla settle fraud charges with SEC, to pay $40M fine

“Overall, Tesla produced almost as many cars this quarter as the last two quarters combined,” states the Elektrek report.

The company is set to report its third-quarter production figures to the public this week.

Over the weekend, Elon Musk reached a settlement over fraud charges with the Securities and Exchange Commission that requires him to relinquish his position as Tesla’s chairman and pay a $20 million fine. The company will also pay $20 million to US regulators.

Read: Elon Musk's swift settlement with SEC a positive for Tesla but legal risks linger, analysts say

The deal with regulators came after the SEC sued Musk and Tesla over a tweet that claimed Musk had the funding to take the electric-car maker private.  

In August, Musk tweeted that he was considering taking the company private at $420 per share and that he had “funding secured”. The tweet sent Tesla shares on a wild ride and Musk still faces a probe by federal prosecutors over the tweet.

Tesla shares jumped 14.5% to $303.22 in response to Musk’s settlement with the SEC.

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