April 3, 2018 / 1:15 PM / 10 months ago

CORRECTED-Tesla says produced 2,020 Model 3 sedans last week

(Corrects to show production was for last seven days, not last seven days of March, in paragraph one)

April 3 (Reuters) - Tesla Inc said on Tuesday that it built 2,020 Model 3 sedans in the last seven days, would produce the same number next week and would see output climb rapidly through the second quarter.

The numbers, short of Tesla's own target of 2,500 per week for the end of March, are far above the 793 Model 3s built in the final week of last year. (bit.ly/2Irj4lr)

Quickly ramping up Model 3 production is crucial for the Silicon Valley electric vehicle maker, whose profitability depends on the cheaper sedan, which Tesla says has about 500,000 advance reservations from customers.

Shares of the Palo Alto, California-based company, which have fallen around a fifth in value in the past week, jumped 4 percent in premarket trade in New York.

Auto industry blogs - citing an unverified memo - had reported on Tuesday that production of the Model 3 passed the 2,000 per week production rate. (Reporting By Alexandria Sage and Sonam Rai Editing by Bill Rigby and Patrick Graham)

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