The hotly anticipated Model 3 has been rumored, leaked, and talked about by the masses since it was introduced last March. The Model 3 is Tesla’s attempt to bring a premium electric model to the masses, something the Model S and X have failed to achieve due to their high price tags.
According to CEO Elon Musk, the first production ready Model 3 is set to be finished and unveiled this Friday, July 7th. Elon also announced in a string of tweets Sunday night that the first 30 Model 3’s to roll off the assembly line are to be delivered by the 28th of this month at a launch party.
As of this writing, the Model 3 currently has over 400,000 preorders, which each preorder costs $1,000. Tesla expects to be able to ramp up production by December to over 20,000 models. Musk also says that by early 2018 they expect to reach 500,000 units annually.
The Model 3 is to be Tesla’s entry into mass vehicle production by selling them at a starting price of $35,000 which competes directly with the all-new Chevy Bolt as an entry-level electric-only vehicle.
With news of Model 3 actually meeting deadlines and earlier than expected production times, Tesla’s valuation has skyrocketed surpassing Bayerische Motoren Werke (BMW), Ford, and GM, as the world’s most valuable car company. But, this only stays true if Elon’s vision and timing stays true.
Hopefully Tesla can electrify the competition.