Tesla on track to make 5,000 Model 3s a week by end of the month, Musk says

At Tesla Inc. TSLA, -1.89%all Model 3 production lines have demonstrated capability to produce 500 Model 3 sedans a day, and it's "quite likely" the company will be able to make 5,000 Model 3s a week by the end of the month, Chief Executive Elon Musk told shareholders at the Silicon Valley car maker's annual meeting.

Musk took the stage after all company proposals, including the re-election of three board members that had been criticized by some shareholders, passed. Musk thanked employees and customers, and he said it may be "cheesy" but "at Tesla we build our cars with love." It very difficult to become a mass car maker, Musk said. "It's insanely hard just staying alive," he said. Tesla shares rose 1.2% after ending the regular trading day down 1.9%.