Tesla Motors Inc (NASDAQ:TSLA) Edged Up 1.53% Pre-Session

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The first Model 3 was reserved for Tesla board member Ira Ehrenpreis, who gifted it to Elon Musk as a present for his 46 birthday, which he recently celebrated his birthday on June 28.

Tesla (NASDAQ:TSLA) last released its quarterly earnings data on Wednesday, May 3rd.

The few details that have been released about the Model 3 reflect this futuristic mind-set; the auto eschews a traditional driver interface in favor of a simple steering wheel and a tablet mounted horizontally on the dashboard.

The Model 3 is electric vehicle manufacturer Tesla's most affordable product ever, and will sit alongside the current Model S saloon and the Model X SUV. "Expecting to complete SN1 on Friday".

Musk has earlier tweeted their production plans for the most-awaited model. Musk also promised that by the end of this year, a total of 5,000 Model 3s will roll out every week. "I do see this as something that the world will look at as an example of being able to do large-scale battery applications that really take a large amount of load", said Musk.

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That could be disastrous for Tesla's financial success, particularly if the company does not turn a profit on the Model 3, Brauer added. "Model 3 is created to attain the highest safety ratings in every category". The company basically did everything it could to ensure it does not face the same production issues it did with the Model X and Model S. These delays were the biggest reason analysts were skeptical about whether Tesla would be able to achieve its targets this time. The last few months were mostly spent on setting up and testing of components to Model 3 was ready to appear on the roads. Musk accepted that several customization options that went into the Model X made it too complex.

That said, there are legitimate questions as to the level of testing and pre-production work done on the Model 3. The $US35,000 vehicle may be dampening appetite for the far more expensive existing models.

Like the rest of Tesla's cars, the Model 3 can be charged at one of its Superchargers, or plugged into a slower pace end-of-destination chargers that can be installed at places such as your home or work. Designed with the same sportback style, Model 3 has an estimated range of 215 miles and is available with all the latest technology, including the most advanced self-driving system on the market.

Though Tesla has not achieved true profitability yet, this company has succeeded in making the electric vehicle business legitimate in eyes of investors and the public.

Model 3 is affordable- The model 3 is the most affordable Tesla model. After authorities in Hong Kong got rid of a tax exemption for electric cars in April, sales of Tesla vehicles came to a screeching halt, according to a new analysis from the Wall Street Journal, falling from 2,939 registrations of Tesla vehicles in March to zero in April. The company has not updated that figure, though analysts have estimated it is now somewhere between 400,000 and 500,000.

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