CEO Elon Musk confirms launch and announces that production will reach 20,000 units per month from December
The first customer Tesla Model 3s will be handed over on the 28 July, around six months before initial predictions, CEO Elon Musk has confirmed.
In series of Tweets, Musk said production of the all-electric four-door will then be ramped up exponentially, with 100 cars produced in August, more than 1500 produced in September and then 20,000 produced per month from December.
The Model 3 has an entry-level price of $35,000 (about £28,000) and has been ordered by around 500,000 customers, which is the maximum output possible at Tesla's new battery-producing Gigafactory in Nevada.
Production starts as Tesla injects $1 billion (around £800 million) of investment into the company, something Musk has previously said would help the company meet the high demand requirements of its newest model.
The manufacturer has raised capital to help production and ease the financial risk associated with the production run, which led to a rise in its share price that was also helped by reports of its future model plans, including the Model Y compact SUV, according to New York financiers.
Tesla has also said it aimed to deliver a combined total of 47,000 to 50,000 Model S and Model Xs in the first half of this year, but did not give a figure for Model 3 target sales.
It has, however, reaffirmed its pledge to deliver 500,000 vehicles in 2018 and one million in 2020, when the Gigafactory is expected to reach full capacity - a sharp rise from the 80,000 delivered in 2016. Source by autocar.co.uk
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