We still don't know how many Model 3 cars Tesla is making

Tesla is finding it is a long hard road out of production hell.

The electric car maker relieved some investors and customers when it said it is sticking to its latest Model 3 production targets. But there are still questions from some analysts over exactly where Tesla is in its production ramp and concerns that its targets may be too aggressive.

"The data point everyone wants, we didn't get — current Model 3 run rate," said RBC analyst Joseph Spak in a note sent after the company reported earnings that beat analyst expectations on Wednesday.

Tesla had originally aimed to be making 5,000 Model 3 cars per week by the end of 2017, but since then the company changed that deadline twice. On Wednesday, the company reiterated its goal of reaching the target by the end of the second quarter, and reaching a smaller goal of 2,500 cars per week by the end of the first quarter.

Tesla also acknowledged there have been battery production issues at its Gigafactory in Nevada, but said it has custom built automatic assembly lines to resolve the problem. But those are in Germany. They need to be disassembled, transported to Nevada and reassembled there.

Tesla expects that to happen before the end of the quarter.

In the meantime, parts of its assembly line have been "semiautomatic," meaning people are filling in gaps on the line. Tesla ultimately wants to automate as much of its assembly lines as possible.

"We view the 2,500 target in March, in particular, as extremely aggressive due to management's acknowledgment of needing to get the robotic equipment in Germany disassembled, shipped to the US, and then reassembled and programmed in order to hit roughly 2,000 to 2,500 units per week," said Cowen analyst Jeffrey Osborne in a note sent Thursday.

There is also a production constraint at Tesla's automated material conveyance system in the company's Fremont factory, but Tesla CEO Elon Musk said improving that system "appears to be on track."

"So, we feel like the error bars around the unit volume predictions are getting smaller with each passing week," Musk said on a conference call on Wednesday.

There may be an upside to the skepticism though, said Baird analyst Ben Kallo in a note sent Thursday.

"There continues to be significant skepticism about TSLA's ability to ramp manufacturing, although management clearly outlined its challenges in ramping battery pack production, and the steps it is taking to resolve production issues, including new equipment installations expected in March," Kallo said. "We believe the delayed ramp has derisked the stock, and incremental production data points should drive shares higher as TSLA works towards its 5k/week target."

Tesla shares were trading down more than 1 percent before the market's opening bell Thursday.

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