Photo: Tesla
It’s been more than two years since Tesla revealed the Model 3, and the $35,000 entry-level specification isn’t available to order. As if this wasn’t a bit of a problem for the Palo Alto-based automaker, production has been delayed once again.
Musk sent a letter to Tesla employees last Friday, boasting the “most amazing quarter yet” and the promise to deliver “more than twice as many cars” as the company did in the second quarter of 2018. The optimism stemming from this letter is just a drop in the ocean, though.
Worm Capital analysts Eric Markowitz and Dan Crowley, citing Tesla head of investor relations Martin Viecha, understand that production of the $35,000 Model 3 would start “in the next eight months.” In other words, the lower-margin car would arrive in customer hands sometime during the second quarter of 2019.
As a brief refresher, the Model 3 with the Standard Battery and rear-wheel drive is quoted to feature 220 miles of range, acceleration to 60 mph comes in 5.6 seconds, and top speed is limited to 130 miles per hour. Including the $7,500 government incentive, the Model 3 would start at $27,500, making it less expensive than the Toyota Camry XLE with the four-cylinder engine.
Turning our attention to the 2018 Tesla Annual Shareholder Meeting, that’s the event where Musk told the public that his team would be able to “make a smaller version of the battery pack” by the end of the year. The road from working prototype to mass production is long and arduous, but with the help of Panasonic, Tesla is capable of pulling this assignment off.
Here’s another interesting bit of information from Worm Capital: “Tesla is also expanding the Gigafactory, and by 2020 it will likely become the largest building in the world.” Considering that the Model Y is expected to start production in November 2019, the automaker needs all the batteries it can produce in collaboration with Panasonic to keep up with the increasing demand for electric vehicles.
Worm Capital analysts Eric Markowitz and Dan Crowley, citing Tesla head of investor relations Martin Viecha, understand that production of the $35,000 Model 3 would start “in the next eight months.” In other words, the lower-margin car would arrive in customer hands sometime during the second quarter of 2019.
As a brief refresher, the Model 3 with the Standard Battery and rear-wheel drive is quoted to feature 220 miles of range, acceleration to 60 mph comes in 5.6 seconds, and top speed is limited to 130 miles per hour. Including the $7,500 government incentive, the Model 3 would start at $27,500, making it less expensive than the Toyota Camry XLE with the four-cylinder engine.
Turning our attention to the 2018 Tesla Annual Shareholder Meeting, that’s the event where Musk told the public that his team would be able to “make a smaller version of the battery pack” by the end of the year. The road from working prototype to mass production is long and arduous, but with the help of Panasonic, Tesla is capable of pulling this assignment off.
Here’s another interesting bit of information from Worm Capital: “Tesla is also expanding the Gigafactory, and by 2020 it will likely become the largest building in the world.” Considering that the Model Y is expected to start production in November 2019, the automaker needs all the batteries it can produce in collaboration with Panasonic to keep up with the increasing demand for electric vehicles.
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