CEO Elon Musk confirms launch and announces that production will reach 20,000 units per month from December
In series of Tweets, Musk said production of the all-electric four-door will then be ramped up exponentially, with 100 cars produced in August, more than 1500 produced in September and then 20,000 produced per month from December.
The car has an entry-level price of $35,000 (about £28,000) and has been ordered by around 500,000 customers, which is also the maximum output possible at Tesla’s new battery-producing Gigafactory in Nevada.
Production starts as Tesla injects $1 billion (around £800 million) of investment into the company, something Musk has previously said would help the brand meet the high demand requirements of its newest model.
The manufacturer has raised capital to help production and ease the financial risk associated with the production run, which lead to a rise in its share price that was also helped by reports of its future model plans, including the Model Y compact SUV, according to New York financiers.
It has, however, reaffirmed its pledge to deliver 500,000 vehicles in 2018 and one million in 2020, when its £3.8 billion Gigafactory is expected to reach full capacity – a sharp rise from the 80,000 delivered in 2016.