The Tesla Model 3 is set to arrive by the end of this year, as the automaker has revealed its plans to start the production of the electric sedan in July this year.
Tesla released the details of its fourth-quarter earnings of 2016 which came around $7 billion – a 73 percent increase compared to the preceding year. The report also states that the prototypes for the Model 3 were built in early February and the limited production will take place in July. In the fourth quarter of this year, the production will be increased to 5,000 vehicles per week and in 2018, the development will bump to 10,000 vehicles per week.
The Tesla Model 3 was announced last year and just within 24 hours, the electric sedan received about 200,000 pre-orders at $1,000 each. Once launched, the Model 3 will be available at a base price of $35,000 offering a range of up to 215 miles.
The Model 3 will be much simpler compared to the Model X and Model S and its components will be built at the automaker’s new Giga Factory in Nevada. More details will be revealed in the coming weeks.
In the UAE, it might reach a little late because the queue of preorders is very long.