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Tesla Model 3 Gets Funded For Production

tesla model 3

Were you a bit worried that the much-awaited Tesla Model 3 won’t see production because of funding? The car business is quite an expensive one, and the production of the Model 3 was almost halted because of it.

But it looks like Tesla CEO Elon Musk’s plan to boost production to 500,000 units by the end of 2018 is now possible, thanks largely to investors’ faith and trust in the young entrepreneur. Unlike many products and concepts that are still looking and begging for investors, Musk was the only face needed for these big businessmen to trip over themselves to raise money for the Tesla Model 3.

Musk was simply seeking $1.5 billion last week, and he managed to raise $600,000 of that four hours after his announcement. Now, we heard reports that he was able to sell a half-million worth of Junk bonds to investors, which totaled to $1.8 billion, surpassing the initial amount he was seeking.

The investment is in the form of “eight-year unsecured bonds at a rate of 5.30 percent.” The investment is not without its risk, of course. Such investment yields bigger profit in the long run, but it’s also possible to lose your money when the company you invested your money in made some bad decisions along the way. Hopefully, we won’t see Musk do that.

One of the biggest challenges that face the production of Tesla Model 3 is its dependency on Gigafactory to supply each and every battery—both the standard- and long-range model. Though there is no problem about bringing in profit from the manufacturing of the battery itself, even Musk admitted that he was worried about the lack of battery cells.

Only time will tell if there’s going to be a shortage of cells in the future. When that happens, Tesla might need to cut short its production of the long-range model of battery and stick with the standard-range model, which uses fewer cells.

Elon Musk Says Tesla Model 3 Performance Version Will Arrive Next Year

tesla model 3

Tesla finally handed over units of its Model 3 to those who had it reserved months ago. Although the production are only in small numbers, more are expected to come as the electric car manufacturer is ready to roll out performance versions of the Model 3 next year.

Tesla is gearing up to boost production of the Model 3 in the Long Range trim because a new version is expected to come out next year. The Model 3 has an estimated EPA of 310 miles range, which will probably increase significantly when the performance variant debuts next year.

Tesla CEO Elon Musk answered questions about the Tesla performance variant on Twitter. It can be recalled that Musk hinted last year that after the production of Model 3 went full swing, a performance version would be in the works.

He told Twitter user Ryan McCaffrey (@DMC_Ryan) that a performance variant will probably debut by the middle of next year. “Focus now is on getting out of Model 3 production hell. More version = deeper in hell,” Musk said.

The problem is that while Tesla is in the middle of producing the Model 3 according to the demands of the market, more pressure will be put on it once more variations of the car come out. For now, it’s the Long Range Model 3 that is available to the market. The base model of Tesla’s most affordable electric vehicle will be available this fall.

The base model is priced at an affordable tag of $35,000, and it has an EPA-estimated 220-mile range.

Tesla was the first company to prove to the auto industry that electric cars can be fun, too. Its Tesla Model S was the one who introduced dual-motor configuration, which led to the P100D. The performance variant of Model 3 will likely use a similar motor design, though it might not be as powerful as the P100D.

Tesla Ditches Model S 75 RWD

tesla model s 75

The introduction of the Tesla Model 3 means the American e-vehicle company is going to drop something off its lineup. Tesla has a history of reconfiguring the bottom end of its lineup whenever something is added on its top end. For the Model 3, the reconfiguration would hit the Model S 75 RWD.

Beginning this month, Tesla will deliver the first orders for Model 3, which means the discontinuation of the least expensive version of the Model S by the end of 2017. The Model S 75, which employs a rear-wheel-drive system, is currently being sold for $69,500.

Once Tesla pushes through with its plan to drop the Model S, the only remaining cheapest Model S would be the all-wheel-drive 75D, which is selling for $74,500. Generally, this move will increase the price gap between the Model 3, which starts at $35,000, and the Model S.

The S range would also turn into an AWD-only lineup with the Model 3 being the only Tesla available with a rear-wheel-drive system.

The gap further widens in terms of features, configurations, and even battery charging fees. Comparing the two vehicles, a Tesla document showed that the Model S has more than 1,500 configurations and several other premium features while the Model 3 has less than 100 possible configurations.

In addition, those who buy a Model S with a referral get free Supercharging for life while those who drive the Model 3 will have to pay every time they charge using Tesla’s network.

Of course, it sure do looks like the two sedans belong to different ends of the spectrum because of their completely different price range, features, and performance. The strategy of the company is glaring, though, for many: widen the gap and offer only the most efficient versions of the vehicles.

After all, it worked with Tesla in the past. Who would say it won’t work now?

Tesla Rolls Off First Model 3 As Mass Production Begins

tesla model 3 (1)

Tesla CEO Elon Musk has given car enthusiasts and experts a glimpse of the very first production version of the Model 3, the company’s third production vehicle following Model S and Model X. Musk did well on his promise to start off mass production before the week ends as he tweeted earlier that Tesla plans to roll off 20,000 units by December 2017.

The Model 3 sits below the larger Model S, and is even more affordable with a suggested retail price of $35,000, excluding government incentives. The release of the Model 3 on Friday launched Tesla to a bigger market, where people are more interested to investing in electric cars, particularly the Tesla brand.

According to a tweet from Musk, the first Model 3, which he named SN1 (Serial Number 1), is completed and is on its way to the inspection board. “Production unit 1 of Model 3 is now built and going through final checkout. Pics soon.”

The first Model 3 was supposed to be reserved for Tesla board member Ira Ehrenpreis, who was the first to place a full deposit for the model. But instead of taking the car for himself, Ehrenpreis gave the first-slot rights to Musk as a 46th birthday gift.

Ehrenpreis will instead have the rights to the second production car, the Tesla CEO said in a tweet. Musk did not reveal any updates about the Model 3’s powertrain, but there should be more details in the coming weeks.

Customers to Get Their Hands on Model 3 by July 28

There is a huge demand for Model 3 and hundreds of thousands of people have already reserved for a unit, which will begin deliveries on July 28. By December 2017, Tesla plans to produce 20,000 units and 500,000 vehicles annually by next year.

Musk is confident that demand for the Model 3 will increase “exponentially” in the coming months.

Tesla Model 3 Photos

Here is a glimpse of the Tesla Model 3:

Customers Can Get Their Hands On First Tesla Model 3 On July 28

tesla model 3

Shortly after leaving US President Donald Trump’s advisory board, Tesla and SpaceX CEO Elon Musk went right into a lifelong work—producing environment-friendly vehicles. On Monday, he announced on Twitter that the first Tesla Model 3 would be completed this Friday, July 7.

In his first tweet, Musk said that Model 3 “passed all regulatory requirements for production two weeks ahead of schedule.” This gives the Model 3 enough time to be finished and completed this Friday.

Earlier reports said that Tesla would aim to start the production of the company’s Model 3 this July despite a first-quarter loss. It seems Tesla indeed reached its goal because in his second tweet, Musk revealed that the first 30 owners of Model 3 will have the vehicle by July 28. There was even a mention of a “handover party.”

The production for Tesla’s Model 3 will continue to grow in the coming weeks, the same tweet said. The Tesla CEO said there should be 100 cars available in August and above 1,500 units by September. In his third and final tweet, which was also the shortest in the series, Musk estimated that Tesla would be able to produce around 20,000 units a month of the Model 3 by December this year.

If the company would be able to reach that target, then they would be addressing the backlash over the production delays that plagued the previous Model X.

In another tweet, the Tesla CEO thanked everyone who “own or ordered a Tesla.” “It matters to us that you took a risk on a new car company. We won’t forget.”

Model 3 to be priced at $35,000

Tesla’s Model 3 is expected to come with a price tag of $35,000, but that’s before government incentives. It will have a driving range of more than 215 miles and will be able to reach 60 mph in 5.6 seconds.

Inside, the Model 3 will be equipped with a 15-inch center touchscreen, which is only slightly smaller than the Model S’ version. It has 14 cubic feet of volume in the front and rear cargo.

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