Tesla (NASDAQ:TSLA) had more than 3,000 Model 3s left in its U.S. inventory as of Dec. 30, according to automotive news website Electrek. TSLA stock increased 4.9% in 2018 versus the Nasdaq Composite index’s 6.1% loss for the year.
Tesla has in the last few months redoubled its efforts to produce a record number of cars in order to help buyers take advantage of a federal tax credit before it starts to phase out for Tesla buyers in the new year. Analysts had expected that the phase-out would create a demand boost for Tesla vehicles in the U.S., according to Electrek.
The automaker aimed to liquidate every car in the U.S., but a source familiar with Tesla’s retail operations said that the company still managed to build some inventory, the report said.
In early December, InvestorPlace contributor Luke Lango noted that Tesla Model 3 production had gone from less than 1,000 vehicles a week, to more than 1,000 a day, adding that TSLA stock’s “bull thesis is starting to gain mainstream traction.”
Over the past few weeks, Tesla and CEO Elon Musk have been promoting the electric car manufacturer’s ability to deliver the Model 3s by the end of the 2018, Electrek noted.