Details of the vehicle remain limited beyond a 215-mile range and $35,000 starting price, and a configurator had not gone up on the Tesla site as of today. Designed with the same sportback style, Model 3 has an estimated range of 215 miles and is available with all the latest technology, including the most advanced self-driving system on the market.
The Model 3 is the third model in the current range from the company that includes the Model S and Model X - a crossover SUV that was delivered to customers nearly 18 months later than planned. Influential analysts then raised doubts about Musk's ability to deliver on his lofty promises. The company's market price increased past bigger competitors General Motors and Ford Motor.
It's our first look at the first production version of the new $35,000-to-start entry-level luxury sedan - and it's little different from the preproduction models already displayed.
From what was seen at Tesla's first reveal of the Model 3, the car's dashboard is reminiscent of a computer terminal, like the ones on the Model S and Model X.
More to the point, we suspect, is that clean energy is hazardous to the bottom lines of investor-owned electric companies and their traditional fossil-fuel suppliers. And build it did, with 325,000 signing up to buy the auto within the first week of pre-orders opening past year. "At the end of the day, when people love something, they buy it", said the spokesperson. The question for Musk is whether his company will continue to lead the movement it helped spark.
And after trading closed on Monday, Tesla failed to say the number of vehicles that were in transit, though this has been the norm with previous reports.
"Initially, the Model 3 configurator is going to be like 'What color do you want?"
Tesla's Gigafactory in Reno, Nevada will play a key role in Tesla's lofty vehicle production plans.
Tesla board member Ira Ehrenpreis was the first person to pony up the full deposit for a Model 3, and had rights to the first production unit. All this makes the Model 3 an everyday auto. But how about all the other cars that are more than a year old?
With an additional 200,000 new vehicles to service the company will need to meet the challenge of servicing all those new cars, as well as ensuring its network of service stations can accommodate the extra demand. The autopilot hardware is also a feature on this vehicle. Furthermore, Tesla Model X is running with 18 months of waiting period. Up until this year, access was free for the vehicle. That's when the last update about Model 3 was written. Now consumers have to reserve their Tesla Model 3, and delivery of them may be as late as mid 2018.
Much of Tesla stock's rise in June was likely related to the company's annual shareholder meeting.
Last week, Musk said he expected that the first production Model 3 would be completed on Friday the 7th, so he was a day late. The Model 3 is the company's fourth vehicle to be developed, third in its current line-up, apart from the Model S and the Model X.
Battery bottlenecks could lead to delays in producing adequate numbers of Model 3s.
Tesla just last week announced the first batch of its cheaper Model 3 carswould be released at the end this month. The stock of Tesla Inc (NASDAQ:TSLA) has "Strong-Buy" rating given on Monday, August 17 by Vetr.