>> Tesla shares making a comeback Tuesday, up as much as 7%, following a brutal stretch as investors dumped the stock, concerned about the company's production goals and its financial future. Tesla quashing rumors that it will need to raise more capital announcing Tuesday that it built over 2,000 Model 3 Sedans in the last seven days of March.
That's short of its own target, but still far above the 793 Model 3s built in the final week of 2017. Tesla says, with that kind of output, the company won't need another round of fundraising. But Reuter's companies editor, Peter Henderson, says investors still have some doubts.>> Tesla says it doesn't need to raise cash, but it hasn't really described the totality of its cash needs.
In that, it is said that it wants to build a new big rig, that it wants to build a factory in China, it's working on a new model y car. All of those require a lot of money, and it's not clear rather Tulsa will have enough to cover all that expansion.
>> So important is the Model 3 to Tesla's business that on Monday the company confirmed that CEO Elon Musk is now personally overseeing its production. Tesla says it has about 500,000 advance orders from customers for the more affordably priced Sedan. Anticipation over its release helped the stock skyrocket to an all time high of $389 back in September, but lately, investors have grown more skittish, the stock losing a fifth of it's value since the beginning of the year.
>> There is still a lot of concern that the company won't be able to make good on that model three production, won't be able to get into this virtuous cycle of producing enough cars to pay the bills, and to pay for expansion.>> Also weighing on the company, a fatal car crash in California last month.
The driver was using the autopilot self-driving feature, which Tesla said in a statement, does not prevent all accidents. The crash is under federal investigation.