Tesla CEO, Elon Musk, has announced that his electric car manufacturing company is producing its first mass-market electric car Model 3 this Friday.
Tesla’s Model 3 will cost around US$35,000, making it more affordable than other models created by the company, which range from US$90,000.
According to Proactive Investors, although Tesla lost U$397 million in its first quarter compared to a loss off US$282 million last year, Tesla’s revenue has doubled to US$2.7 billion.
Tesla produced around 85,000 electric cars last year, and is now looking to produce 100 Model 3’s in August, 1,500 in September, and 20,000 per month by December.
According to Musk, Tesla’s production should boost to 500,000 cars per year in 2018.
Musk said to the Telegraph: “The new car had passed regulatory requirements two weeks ahead of schedule and that production levels of the car should be 100 vehicles a month in August and 7,500 in September, with the aim of hitting 20,000 a month by December.”
Tesla’s shares have also risen by 27% this year in investor confidence.
Written by Leah Alger