Tesla says it is on track to begin production of the new Model 3 this July, with first deliveries expected to follow in early 2018.
Speaking to investors in a recent conference call, Tesla CEO Elon Musk said that the company was committed to its current production plans for the highly-anticipated Model 3 electric car.
During October last year, Tesla announced that deliveries of the Model 3 would be delayed for newer orders until mid-2018 or later, with the very first customers getting their cars in late 2017. There was some speculation though as to whether Tesla might delay the car even further.
But it turns out limited production is still due to commence this July, before things move towards full-scale production during the start of September.
Tesla seeks cash boost to aid production plans
Musk did reveal though that the manufacturer is looking for a cash injection to ensure it can release the car under the current schedule. Musk said: “According to our financial plan, no capital needs to be raised for the Model 3, but we get very close to the edge.
“We're considering a number of options but I think it probably makes sense to raise capital to reduce risk.”
Musk added however that Tesla will still be able to produce more than 5,000 examples of the Model 3 per week by the end of the year, increasing to 10,000 units per week by some point next year.
The Tesla Model 3, which carries a starting price of $35,000 (which works out to nearly £28,000), is reportedly sold out for its first year, with reservations believed to total 373,000.
The Model 3 will serve as Tesla’s entry-level model which is more accessible than earlier Teslas launched – the Model S and Model X. A four-door saloon, the Model 3 has an estimated travel range of 215 miles on a single charge and can sprint from zero to 62mph in less than six seconds even in its standard specification.
