Model 3 OK’d for pro­duc­tion, Tesla says

Northwest Arkansas Democrat-Gazette - - BUSINESS & FARM -

Tesla Inc. in­vestors, cus­tomers and fans got some much-an­tic­i­pated news on the Model 3 time­line when Chief Ex­ec­u­tive Of­fi­cer Elon Musk an­nounced Mon­day that the model passed all its reg­u­la­tory re­quire­ments for pro­duc­tion two weeks ahead of sched­ule.

“Ex­pect­ing to com­plete” the first car Fri­day, Musk wrote in a Twit­ter post. The com­pany will hold a han­dover party for its first 30 cus­tomers of the Model 3 on July 28, he said in a sep­a­rate post.

The Model 3, the com­pany’s most affordable car yet, had been ex­pected to be­gin pro­duc­tion in July, but there had been lit­tle news on how the prepa­ra­tions at Tesla’s fac­tory in Fre­mont, Calif., were pro­gress­ing.

In­vestors have pushed up shares of Palo Alto, Calif.-based Tesla 69 per­cent this year in an­tic­i­pa­tion of the Model 3. The com­pany de­liv­ered 25,051 ve­hi­cles in the first quar­ter and aims to make 500,000 in 2018 and 1 mil­lion in 2020.

The com­pany now makes two all-elec­tric mod­els: the Model S sedan and Model X sport util­ity ve­hi­cle. The Model 3, which is planned to start at $35,000 be­fore op­tions or in­cen­tives, is the cul­mi­na­tion of Tesla’s 15-year-quest to reach main­stream con­sumers with a smaller, more affordable elec­tric car.

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