Tesla Model 3: range, performance and US pricing revealed
Elon Musk shared pic of first Tesla Model 3 off the production line on TwitterElon Musk handed over the first Model 3 to its new owner during an event; it is the most demanded Tesla yet
Tesla CEO Elon Musk handed over the first customer Model 3 to its owner at an event last night, where he also pledged to meet the massive demand for the car with an ambitious production schedule.
Musk confirmed that production for the Model 3 is already in full swing at Tesla's Gigafactory in Nevada, US. It expects to build 100 cars in August, before growing output to 1500 cars in September. The plant will reach maximum pace from December, when it'll be able to produce 20,000 cars per month. However, right-hand drive models won't begin production until 2019. If Tesla hits its planned production of 500,000 cars a year from the factory, analysts predict that it will outsell BMW, Mercedes and Lexus in the US.
Prospective Tesla Model 3 owners tell us why they're buying one
Tesla recently injected $1 billion (around £800 million) of investment into the company, something CEO Musk has previously said would help it meet the high demand for the Model 3. To date, Tesla has had more than 500,000 pre-orders for the Model 3, with Musk saying that they should all be delivered before the end of 2018. "If you order a car today it should be with you at the end of 2018," he said, referring to left-hand drive production.
The manufacturer has raised capital to help production and ease the financial risk associated with the production run, which led 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. However, some analysts still question Tesla's ability to ramp up from producing around 80,000 cars in the past year to 250,000 in the next 12 months.
Musk also confirmed that two versions of the Model 3 will be offered from launch: standard and Long Range models. The standard car costs from $35,000 (£26,650) and has a claimed range of 220 miles, hits 0-60mph in 5.6sec and has a top speed of 130mph. The Long Range model costs from $44,000 (£33,500), delivering an official 310 miles of range, 0-60mph in 5.1sec and a 140mph top speed.
Read the full tech details of the Tesla Model 3
No details of UK pricing or delivery dates in 2019 have been revealed, but the entry-level price is expected to be just over £30,000 after the £4500 government grant for zero emissions vehicles is applied. That will pitch it against the likes of the Audi A4, BMW 3 Series, Jaguar XE and Mercedes C-class in terms of pricing and size.
It was also reconfirmed that Tesla Model 3 owners will not get free access to the Tesla Supercharger high-speed charging system, with the company planning to charge for electricity as demand grows and it requires more investment to build out the network of chargers.
Read our Tesla Model X road test
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 the Gigafactory is expected to reach full capacity - a sharp rise from the 80,000 cars delivered in 2016.
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