“Burst week” has quickly established itself as a highlight of the Tesla calendar. It’s like Thanksgiving, except it happens once every three months and everyone works twice as hard. Elon Musk's Tesla Inc. on Monday morning announced the number everyone’s been waiting for: In the last seven days of June, the electric vehicle maker churned out 5,031 Model 3s, finally delivering on a (much-reduced) target for this critical car. The stock duly jumped as much as 6.4 percent (though it was down 1.7 percent as of writing this). On one hand, it’s understandable that Tesla bulls are stoked. The company’s difficulty raising Model 3 output has been the darkest cloud hanging over it, prompting a big sell-off in the stock this spring. Getting to 5,000 a week was critical to preventing another.

On the other hand, the fact that a company that hasn’t turned a regular profit is suddenly valued at $60 billion again because it managed to hit a production target for a single week is probably some...

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