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

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

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.

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