The cars are expected to roll out of the Gigafactory this Friday, two weeks ahead of the planned schedule. "Production grows exponentially, so [August] should be 100 cars and [September] above 1,500" tweeted the 46-year old CEO. Based on the car's reach and performance, it may attract more buyers while opening up a new market for all-electric cars. However, Tesla stock is likely to be back in action now as the Model 3 production draws nearer. The company expects to produce 20,000 Model 3 by December.
The Model 3 is a critical test for Mr Musk and his ambitious plan to turn Tesla into a producer of mass-market electric cars. The Model 3's announced 0-60mph (97km/h) time of 5.6 seconds means the existing times were too close.
The mid-range model, unveiled in March 2016, is a crucial piece of Musk's ambitions to transform Tesla into a large-scale vehicle manufacturer.
Priced at $35,000, the Model 3 is the most affordable of the three Tesla cars and people could reserve one for just $1,000. Clearly, Tesla will need to ramp up production quickly to meet demand, as the company only has capacity to build around 100,000 Model S and Model X vehicles annually at this moment. Essentially, everything that Tesla has done up to this point has helped them further develop the Model 3 and get it ready to ship to consumers everywhere. Investors are hoping that the relatively low price will kick off the electric vehicle revolution that Tesla has been spearheading for years. According to Business Insider, about 400,000 pre-orders have already been placed.
The Model 3 is the auto that's going to bring Tesla's electric vehicle technology to the masses.
Tesla's most recent quarterly report showed that revenue more than doubled year over year, to $2.7 billion, but its net loss widened to $397 million. The company said it resolved the problem in early June and dramatically increased battery-pack production.