Tesla Model 3 revealed: Say hello to Tesla's first mass production auto

11 July, 2017, 00:46 | Author: Lorena Waters
  • The first Tesla Model 3 which belongs to the company co-founder and CEO Elon Musk

General Motors regained its spot as the biggest U.S. carmaker by market capitalisation amid greater investor skepticism that chipped away at rival Tesla Motors.

Model 3 is a major step for Tesla and will be priced around $35,000. Elon Musk, therefore, will be the first one to own the Tesla Model 3 sedan. Here are our current favourites, and the electric cars to avoid.

First revealed to the public in March a year ago, the Model 3 has been touted by proponents to be for general consumer electric automobiles what the Ford Model T had been for mass-produced gasoline-powered cars in the 20th Century.

Tesla has been working hard to stick to the Model 3 schedule. The question for Musk is whether his company will continue to lead the movement it helped spark.

Tesla has said it will increase its service centers worldwide by 30 percent in 2017.

Tesla's Gigafactory in Reno, Nevada will play a key role in Tesla's lofty vehicle production plans.

Musk took to his official Twitter account several updates on the new Tesla Model 3.

Expectations run even higher than the steep climb the Model 3 - also captured here in a rogue YouTube video - faces, it seems. All this makes the Model 3 an everyday auto. For individuals who have cars that can hold out for at least another year may not see that as too much of an issue, but the literal year long delay can be off putting for many. Goldman Sachs last week slashed its six-month price target on Tesla shares to $180 per share, warning that demand for the company's established cars was "plateauing", pressuring profit margins.

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Another obvious difference between the vehicles is the Autopilot hardware suite on the production unit. However, Tesla isn't a normal auto company, so we've come to expect these kinds of things from them. Up until this year, access was free for the vehicle. The company shut down production at its California assembly plant for a week in February to prepare for the production of Model 3 and hit its July production target, reported Reuters.

During a shareholder meeting last month for TSLA stock holders, Musk stated that unlike their luxury models, the Model 3 would not have as many customization options, apart from color and wheels. Now consumers have to reserve their Tesla Model 3, and delivery of them may be as late as mid 2018.

The Tesla spokesperson stated that Hong Kong is one of the company's most important markets. He captioned the photo with "First Production Model 3".

But some are more skeptical of Musk's claims.

The roll out of the Model 3 will be slower than previous launches; ensuring the release of the auto is not as disastrous as that of the Model X, in which misaligned body parts, software issues, and a seatbelt problem resulted in a fleet wide recall.

The Gigafactory is already producing batteries, but it won't be fully operational until 2020.

The uncertainty over Tesla's readiness is reflected in the company's fluctuating stock price. The company has not updated that figure, though analysts have estimated it is now somewhere between 400,000 and 500,000.

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