Tesla's hotly anticipated Model 3 goes into production this week

Tesla Model S- front cornering

Priced from approximately $35,000 (£28,000), the Model 3's rollout represents a significant milestone for Tesla as the company looks to shed its "luxury vehicle maker" image and embrace the mass-market.

The original Model 3 concept was announced years ago and pre-orders for the auto has already opened.

During June, Musk told Tesla shareholders that production of the Model 3 would begin during July at its assembly plant in California, although he did not say when the first cars would be available in large quantities. Model 3 pre-orders are still available for a Model 3, but the wait time for delivery will be at least one year. By September, Tesla plans to release 1,500 Model 3's and 20,000 by the year's end.

CEO Elon Musk often sets ambitious production targets, but the company has previously missed many of those deadlines. While much has been said about Tesla setting up its operations in the country, there has been no confirmation yet from the American tech giant over its presence here. Tesla has passed all the government and environmental requirements for Model 3 and the automaker will increase the production exponentially.


The first 30 customers will take deliver of their cars at a handover party on July 28, Musk said.

Tesla Inc shares rose $7.87 (+2.18%) in premarket trading Monday. Tesla showrooms are expecting to get the Model 3 by the end of the summer.

The company now makes two all-electric models: the Model S sedan and Model X sport utility vehicle. In February, Goldman Sachs's David Tamberrino had downgraded Tesla stock to a "Sell" rating from Hold as he expected a delayed launch of Model 3. Musk unveiled the concept edition of the Model 3 in March 2016, prompting thousands of eager customers to place advance reservations for the vehicle.

Related:

Comments

Latest news

Horn brushing off critics doubting legitimacy of Pacquiao upset
If he does, and the mandatory rematch with Horn never came to be, it would throw wide open who Horn fights next and where. Horn, who remains undefeated, seemed to not care much about the "naysayers" who kept on lashing criticisms against him.

Miami Heat wrap up 'strong presentation' to Gordon Hayward
If you would like to receive an email each time a new Boston Celtics article is published, fill out our email notification form . The Celtics want to be in position to win now and even if a Hayward deal doesn't go through, they won't be out of free agency.

Oil Runs Above $46 As US Rig Count Dips
Nevertheless, their health hinges very heavily on the trajectory of oil prices, which, for now, doesn't look very encouraging. Opec and its allies, trying to reduce a crude glut, agreed in May to extend the supply cut through March 2018.

Stabenow Speaks Out Against GOP's Latest Health Care Bill
He said states should be free to abandon Obamacare and adopt their own models of health care. "I would like to delay", said Sen. What would he tell Conway if he were to meet with her? They are willing to let poor people die so rich people pay less taxes.

Johnson: Senate bill doesn't address health care costs
The tax, which affects high-income citizens and was imposed to help pay for Obamacare , has been a key target for Republicans. Warren, a leading liberal and defender of the Affordable Care Act , has opposed efforts to pass a bill to replace the law.

Other news