Elon Musk Hands Over New Tesla Model 3 Cars to First 30 Buyers

Elon Musk Hands Over New Tesla Model 3 Cars to First 30 Buyers

Elon Musk, the CEO of the world-famous electric vehicle manufacturer Tesla, handed over its base model - Model 3 to first 30 customers on Friday.

The exclusive 'handover party' took place at the EV’s factory in Fremont, California was live streamed on the company's website.

Elon Musk drove himself on stage with a red Tesla Model 3, showcasing his fabulous car to the spectators. Tesla fans have been absolutely longing for this moment for almost 14 years since the first announcement.

Speaking on this red letter day, Elon Musk said he produced 50 cars of the Model 3. While 20 cars are utilized for testing purposes, remaining 30 cars are delivered to the first 30 customers registered earlier.

Just prior to launch, Elon Musk said it was “quite a challenge” to build the car during the early days of production. He added, “We’re going to go through at least six months of manufacturing hell”.

With the pre-order booking of half-a-million, Elon Musk invited more pre-book orders from customers with a refundable deposit of $1000 and also makes them eligible for tax credits. Bookings made now will materialize only after mid-2018.Elon Musk Hands Over New Tesla Model 3 Cars to First 30 Buyers

[Image Source: Tesla]

About Tesla Model 3

Tesla Model 3, the sleek aerodynamic car was made on a similar platform as the Model S. The 5-seater sedan comes with a 15-inch touch screen.

Model 3 zooms to 0-60 mph in 5.1 seconds with 235 HP. The car comes with a range of 220 miles on a single charge. The base price is fixed at $35000 with 4 years or 50000-mile warranty.

Customizing enriches the car with premium features as per one’s taste, though it will raise the cost. Premium features include higher wheel size, multi-coat paint, better grade materials, 12-way front seats, heated rear seats, a tinted glass roof with ultraviolet and infrared protection, 12-speaker sound etc.

Initially, Tesla faced production challenges to make Tesla S and Tesla X models. Tesla stock has fallen by 54% since January 2017 due to production delays. Elon Musk himself commented on the stocks being overpriced after stock prices plunged.

Starting mass production in 2017, Tesla promises to exponentially increase its volumes to up to 5000 cars per week. The long range battery gets ready by November 2017, the all wheel drive production will happen in Spring 2018. By mid-2018, international deliveries of left-hand drive cars will begin, while deliveries of right-hand drive cars will begin in 2019.

Tesla is trying to make up for the loss of $2 billion due to production shortfalls last year. The shortfall woes are attributed to production problems encountered in both the superior models. However, Model 3 is a basic version, Elon Musk believes that ramping up production Model 3 will generate more cash inflows.

The stacking order bookings will force Tesla to mass produce 500,000 cars per year while sticking to the timelines. If Tesla does walk the talk, then it will surpass BMW, Mercedes, and Lexus in sales.

Featured Image Source: Tesla Motors/Twitter

Sources: Tesla, MotorTrend

SEE ALSO: Tesla Plans to Triple Its Service Capacity as Model 3 Deliveries Start

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