Billionaire Elon Musk has finally revealed first look at his new affordable Tesla, after news of $35,000 model was met with much anticipation.Musk tweeted photos of Model three late on Saturday night, after CEO announced the cars would begin production Friday, thanks to passing tests ahead of schedule.The 5 seat car will be able to travel 215 miles on a single charge and will be sporty, accelerating from zero to 60mph in under six seconds. Although ecofriendly car is affordable compared to other Teslas, those looking to buy the vehicle may be waiting months before they can get behind the wheel.New cars are priced at $35,000 but a $7,500 federal tax credit for electric vehicles would lower cost to $27,500.News of car’s release comes earlier than expected, Musk told on Monday.He tweeted: ‘Model three passed all regulatory requirements for production two weeks ahead of schedule. Expecting to complete SN1 [first production] on Friday.’ First 30 owners will be able to take a spin in their new cars on July 28 at a celebratory launch party.Others may have to wait much longer, as production will begin slowly at one hundred cars for the month of August and another 1,500 cars for September. By the end of December that number is expected to reach 200,000 per month, Musk later told in a reply.Tesla has not told how many people have put down $1,000 refundable deposits for the Model three, but Musk told to people who put down a deposit now will not get a car until the end of 2018 – suggesting it could be close to 500,000 people waiting.
Musk told the Model three is much simpler to make, but 14-year-old Tesla has no experience in producing and selling vehicles in high volumes. Firm’s last new vehicle, the Model X SUV, was delayed nearly 18 months. Tesla made just 84,000 cars last year. Bigger rivals like General Motors, Volkswagen and Toyota routinely sell around 10 million vehicles per year.
Even if Model three is on time, servicing all those vehicles will still provide a challenge.Model S and Model X owners are worried about having to share Tesla’s company-owned charging stations with an influx of new cars. New model comes after a bad week for Tesla’s stock price. Shares fell roughly 14 % after Musk tweeted that deliveries of company’s other 2 models the Model S sedan and Model X SUV were at the low-end of the company’s projections in first half of this year.While second-quarter deliveries rose 53 % from a year ago, they still were about 12 %below first-quarter deliveries. Tesla told in a statement that second-quarter production was hampered by a severe shortfall of battery packs. Production averaged 40 % less than demand until early June, the company told. While Tesla is promising to increase its network of stores and service centers by 30 % this year, it began 2017 with just 250 service centers worldwide.That leaves many potential owners miles from service center. Musk has told a new fleet of mobile service trucks will be deployed to help customers who are far from service centers.Tesla also plans to double its global high-speed charging points to 10,000 by the end of this year and increase them by another 50-100 % in 2018.Until recently, Tesla owned the market for fully-electric vehicles that can go 200 miles or more on a charge.However, this is changing: GM beat Tesla to mass market with Chevrolet Bolt, a $36,000 car that goes 238 miles per charge.Audi plans to introduce an electric SUV with 300 miles of range next year; and Ford will have one by 2020.