Tesla Model 3 revealed: production to ramp up to 20,000 units per month

First production Tesla Model 3
Elon Musk shared pic of first Tesla Model 3 off the production line on Twitter
Elon 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 demand with an ambitious production schedule.

He 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.

The Model 3 has an entry-level price of $35,000 (about £28,000) and has been ordered by around 500,000 customers, which is the maximum annual output possible at Tesla's new battery-producing Gigafactory.

Tesla recently injected $1 billion (around £800 million) of investment into the company, something CEO Musk has previously said would help the company meet the high demand requirements of its new model.

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.

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 delivered in 2016.

Tesla's Gigafactory in numbers

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