Model 3 Production Is on Track to Start in July: Tesla
San Francisco: Elon Musk delivered a mixed bag for Tesla Inc shareholders, reassuring that his massmarket electric sedan will arrive on time in July while disclosing the departure of a senior executive and warning the company probably will need another cash infusion. The Model 3 electric sedan remains on schedule and will reach production of about 5,000 units per week by the end of the year, Tesla said on Wednesday. Reassurances from Musk on the car’s timing are relieving the fret over whether the company can overcome its long history of product delays. Management ranks, on the other hand, remain unstable — Chief Financial Jason Wheeler, who joi ned t he company about 15 months ago, will leave in April.
Priced at close to $ 35,000 before incentives, the Model 3 looms as the linchpin in Tesla’s plans to manufacture at high volumes and achieve the profitability that’s eluded the company in all but two quarters since going public. After a loss for the final three months of last year, Musk said Tesla will be cutting it close bringing the vehicle to market without seeking more funds for the company coffers.