With the roll-out of the new Tesla Model 3 now underway, CEO Elon Musk is attempting to ramp up production. The company has received over 500,000 reservations for the Model 3. People reserving Model 3s today will receive them sometime late next year according to Musk.
Musk says that the company will go through “at least six months of manufacturing hell,” before being able to ramp up production to the target of 10,000 cars a week. Tim Higgins reports for the Wall Street Journal:
He stressed that any trouble with getting parts from suppliers could delay his plans. Tesla has a history of missing production goals.
Later in the evening, during a live-streamed event outside the Fremont factory, Mr. Musk showcased the first deliveries of the sedan to employee customers, who will help identify any glitches as they drive the automobile. Deliveries of the first vehicles to nonemployee buyers may begin in September or October, according to Tesla.
Tesla revealed that the base Model 3 has a 220-mile range and can accelerate from zero to 60 miles per hour in 5.6 seconds, according to Tesla. The more expensive version can reach 60 mph in 5.1 seconds. For an additional $5,000, customers can add premium features including a nicer interior, a glass roof and a more powerful speaker system.
Excitement for the car and for Mr. Musk’s vision of personal transportation has helped Tesla shares soar more than 50% this year, lifting its market value past that of Ford MotorCo. , and Friday is “key to maintaining hype,” Colin Langan, an analyst for UBS, told investors this week in a note.
“Expectations are high; therefore positive media reaction to the production vehicle is important,” he said.
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