Tesla’s Model 3 Job 1 to be ready on July 7

Four days from now, EV maker Tesla is set to roll out its first production-ready Model 3. Claimed as the most economical Tesla model yet, the Model 3 has garnered serious interest globally with the company claiming the electric car to have a range of up to 346km per charge.

The Model 3 bears a price-tag of $35,000 (Rs 22.10 lakh) with a range of 215 miles (346km per charge), an acceleration of 0-60kph in under 6 seconds, with a seating capacity of 5 people.  

As per initial reports, Model 3 production was slated to begin in 2017 with deliveries expected in 2018. Earlier today, Elon Musk, CEO and co-founder of Tesla, tweeted that the Model 3 has passed regulatory requirements two weeks ahead of schedule. The first 30 customers for the Model 3 are to receive the car on July 28, at a handover party. As is known, the Model 3 has received a huge number of bookings in excess of 500,000 units. 

Tesla is aiming to surpass the 1,500 production mark by September and reach 20,000 by December 2017. 

Production starts as Tesla injects $1 billion (around Rs 6,317 crore) of investment into the company, something Musk has previously said would help the brand 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 lead 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 its £3.8 billion Gigafactory (Rs 37,403 crore) is expected to reach full capacity – a sharp rise from the 80,000 delivered in 2016.

Also read: 10 things you need to know about the Model 3