Tesla CEO Announces First Model 3 Production

tesla-model-3

Tesla Inc. CEO Elon Musk announced on Sunday that the first production of the much-awaited Model 4 vehicles will now begin this coming Friday. The announcement was just in time for Musk’s previous announcement that the latest vehicle would be revealed to the public this month.

Details of the Tesla Model 3 has been supposedly leaked since last May showing details such as the unit’s battery running at more than 346 kilometers and having a smaller customization scope with only 100 configurations. Leaked details also showed that the Model 3 will also be having a booth space of only 396L although any of the aforementioned details have yet to be confirmed by Tesla officially.

The company opened its first Gigafactory this January in Nevada which will be producing the batteries of the Model 3 unit along with the Powerwall 2 and Powerpack 2 energy storage products.

Musk, who made the announcement on Twitter also stated that the new electric car unit has been able to pass all regulatory requirements and is set for its production two weeks ahead of its original schedule. He also stated in the tweet that Serial Number 1 will be completed this Friday.

In a number of tweets that followed from the Tesla CEO, Musk also announced that a handover party will be held this coming July 20 for the first thirty owners of the Model 3. Production growth is also expected to rise  from 100 units next month to more than 1,500 this September. Overall, the company has a target pace of production of 20,000 vehicles per month starting in December.

Tesla initially received more than 400,000 in pre-orders for the Model 3 unit after its unveiling last year during an event held at Tesla’s headquarters in California. It gained widespread popularity after Tesla announced that it would be sold for only $35,000. Significantly lower than the selling price of previous Tesla vehicles.

During last month’s shareholder meeting, Elon Musk stated that the first batch of Model 3 buyers would be placed under a limitation in the customization of their orders to only color and wheel type as the company have kept the Model 3 configurations simple. According to Musk, this was a mistake that the company made with the Model X to which he claims full responsibility as the customization added to the complexity of the production at the beginning which Musk called foolish.

Tesla shares are currently 0.24% from the previous session at $361.61. The stock has rallied by 80% this year leading it to cross the $300 territory just more than two months ago pushing fast Ford as the second-largest auto-market in the United States.

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