Tesla Model 3 production to start in July

Tesla Model 3 production to start in July

Elon Musk-led Tesla Motors Inc. announced on Wednesday that the production of its Model 3 electric car (e-car) will start in July, and the production will be boosted to five thousand cars per week by the end of 2017.

The e-car maker also revealed that the production of the new vehicle will further be boosted to 10,000 vehicles a week in 2018.

Tesla made the announcement in its latest letter to its shareholders, restating CEO Musk’s projections that he made in April last year.

Revealing the plans, the company wrote, “Our Model 3 program is on track to start limited vehicle production in July and to steadily ramp production to exceed 5,000 vehicles per week at some point in the fourth quarter and 10,000 vehicles per week at some point in 2018.”

Automotive and financial analysts gave somewhat skeptic reactions. Mike Harley, an analyst from Kelley Blue Book, suggested that Musk should take off his “rose-colored” glasses and concentrate on efficiently launching the production of the crucial e-car.

Commenting on the announcement, Harley added that if the company fails to meet its output goals due to certain obstacles, it would suffer a fall that could break the company’s knees.

Harley was referring to the company’s poor track record of failing to meet its own production projections for all three e-cars that it has built to date, viz. the Roadster, Model S, and Model X.

Health