Tesla said on the 22nd that it will start mass production of the Model 3 sedan in July this year and increase production to 5,000 vehicles per week in the fourth quarter of this year.
The Model 3 is Tesla's first low-cost model, priced at about $35,000, to expand Tesla's business beyond luxury cars and SUVs. Last year, Tesla CEO Musk said that Model 3 has already booked more than 370,000 units and plans to start mass production in July 2017. Earlier, Reuters reported that Tesla plans to start production of the Model 3 sedan on February 20.
However, Tesla's previous models have a history of delays in the listing date, so some analysts expect the Model 3 mass production is likely to be postponed until 2018.
Tesla made the above statement when the financial report was released on the 22nd. The financial report showed that Tesla's revenue in the fourth quarter of last year was 2.28 billion US dollars, up 88.4% year-on-year. Better than expected, the quarterly loss narrowed to $121 million, which was less than market expectations. This is the first financial report issued by Tesla after the completion of the acquisition of Sun City. The company's management stated that it is expected to make significant progress on the transportation, energy and storage product lines in 2017.
In the past 12 months, Tesla's share price has risen more than 50%.
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