The first Tesla Model 3 customer car will be handed over at an event tonight, kicking off deliveries for the brand’s highest-demanded vehicle.
CEO Elon Musk will pass the Model 3 onto its owner at 4:45am BST – 8:45pm PT – before production is ramped up to more than 100 cars in August. Tesla plans to follow this with 1500 cars in September and then to move towards maximum output of 20,000 cars per month from December.
Several cars have already rolled off the production line at the firm’s Gigafactory in Nevada, US, but none have reached their owners as of yet.
The Model 3 has an entry-level price of $35,000 (about £28,000) and has been ordered by around 500,000 customers, which is the maximum output possible at Tesla’s new battery-producing Gigafactory. The first models will be given to owners at a handover event on 28 July.
Production starts as Tesla injects $1 billion (around £800 million) of investment into the company, something CEO Musk has previously said would help the company meet the high demand requirements of its new model.
The manufacturer has raised capital to help production and ease the financial risk associated with the production run, which led to a rise in its share price that was also helped by reports of its future model plans, including the Model Y compact SUV, according to New York financiers.
Tesla Model X road test
Tesla has also said it aimed to deliver a combined total of 47,000 to 50,000 Model S and Model Xs in the first half of this year, but did not give a figure for Model 3 target sales.
It has, however, reaffirmed its pledge to deliver 500,000 vehicles in 2018 and one million in 2020, when the Gigafactory is expected to reach full capacity – a sharp rise from the 80,000 delivered in 2016.