Tue, Jul 04, 2017 - Page 10 News List

Tesla CEO Musk says its Model 3 met requirements

Bloomberg

Tesla Inc investors, customers and fans got some much-anticipated news on the Model 3 timeline when chief executive officer Elon Musk announced that the mission-critical model passed all its regulatory requirements for production two weeks ahead of schedule.

“Expecting to complete” the first car on Friday, Musk wrote in a Twitter post.

The company is to hold a handover party for its first 30 customers of the Model 3 on July 28, he said in a separate post.

The Model 3, the company’s most affordable car yet, had been expected to begin production this month, but there had been little news on how the preparations at the company’s factory in Fremont, California, were progressing.

When a Twitter follower of Musk asked him last week to “please have mercy” and give more information on the release, he responded cryptically that he would offer “news on Sunday.”

Investors have pushed up shares of the Palo Alto, California-based company 69 percent this year in anticipation of the Model 3.

The company delivered 25,051 vehicles in the first quarter and aims to make 500,000 next year and 1 million in 2020.

The company now makes two all-electric models: the Model S sedan and the Model X sport utility vehicle.

The Model 3, which is slated to start at US$35,000 before options or incentives, is the culmination of Tesla’s 15-year quest to reach mainstream consumers with a smaller, more affordable electric car.

Tesla first unveiled the Model 3 in March last year at a late-night party at its design studio in Hawthorne, California.

It said last spring that 373,000 people had placed US$1,000 deposits for the vehicle and has not given an updated figure since.

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