Telsa Model 3 production starting July

Telsa Model 3 production starting July

Telsa Model 3 production starting July

Tesla hasn't said how many people have put down $1,000 refundable deposits for the Model 3, but Musk has said people who put down a deposit now won't get a vehicle until the end of 2018, suggesting it could be close to 500,000. "Handover party for first 30 customer Model 3's on the 28th!" That marks an important milestone for the company-and for the electric vehicle industry-as Tesla gets closer to its goal of becoming a producer of mass-market electric cars. Tesla said it delivered slightly more than 22,000 Model S and Model X cars, bringing its total for the first half to 47,100.

Musk revealed on Twitter that production is starting two weeks ahead of schedule after receiving regulatory approval.

In another tweet, the chief executive revealed the first release date will be on July 28. Demand for Tesla Model 3 already exceeds the production capacity of the company.

The rush of pre-orders allowed Tesla to recently become the biggest USA auto company in terms of market capitalization, despite the fact that General Motors (NYSE: GM - news) (GM) and Ford produce millions of cars per year and Tesla has yet to make a profit. The Goldman Sachs analyst is also concerned that the Model 3 launch curve may undershoot the company's production targets. Tesla aims to produce 5,000 units of the Model 3 per week at a certain point in 2017, then at 10,000 units at a certain point in 2018. Meanwhile, the Tesla Model X SUV was delayed for nearly 18 months.

The maker of Model S saloons and Model X 4x4s has reported quarter-by-quarter shipment declines for the second time in the past year.

Perhaps, the objective of the upgrade is to make the Model S and X look contrastingly more powerful to separate itself from the upcoming Model 3.

That's where things start to get interesting because in order to optimize the number of people benefiting from federal tax credit, Tesla would try to hit the mark early in the quarter or wait for the next, and concentrate Model 3 production in the U.S. during that period, which could result in pushing deliveries in other countries.

Elon Musk also said that a new fleet of mobile service trucks will be provided to help the customers who live far from the service centers. SRS Capital Advisors Inc. now owns 394 shares of the electric vehicle producer's stock worth $109,000 after buying an additional 364 shares during the period.

Audi plans to introduce an electric SUV with 483 kilometres of range next year; Ford will have one by 2020.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. And they have deeper pockets. Theoretically, this means that those Model 3 reservation holders, who are at the end of the line, should wait at least few years until their EV arrives.

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