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Tesla's Model 3 approved for production

Monday, July 03, 2017 - 01:05

Tesla's Model 3 sedan passed all regulatory requirements for production two weeks ahead of schedule, Tesla's CEO Elon Musk tweeted on Sunday night. Fred Katayama reports.

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The first Tesla Model 3 is getting off the assembly line on Friday. That's what Tesla CEO Elon Musk tweeted on Sunday night. He also said that the mass market sedan passed all regulatory requirements for production two weeks ahead of schedule. He also tweeted: "Production grows exponentially, so Aug should be 100 cars and Sept above 1,500... Looks like we can reach 20,000 Model 3 cars per month in Dec." Tesla's stock fell on the news. Edmunds' Jessica Caldwell: (SOUNDBITE) JESSICA CALDWELL, SENIOR ANALYST AND DIRECTOR OF PRICING AND INDUSTRY ANALYSIS, EDMUNDS.COM (ENGLISH) SAYING: "It's still going to be hard to meet the demand, But, I think, what he is doing is, sending a sign out to those hundreds of thousands of people who are on the waiting list. You know, he is saying to them: 'Hey, don't lose faith, don't lose hope. I'm moving this along faster than you probably thought was possible." Tesla's previous launches for its Model S sedan and Model X sports utility vehicle were hit by production delays and initial quality issues. That made some analysts skeptical about the Model 3's July launch. Tesla has taken deposits on more than 300,000 Model 3s. The car costs $35,000.

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Tesla's Model 3 approved for production

Monday, July 03, 2017 - 01:05