Tesla Model 3
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The Tesla Model 3 is a mid-size all-electric four-door luxury sedan manufactured and marketed by Tesla, Inc. According to Tesla officials the standard Model 3 delivers an EPA rated all-electric range of 220 miles (350 km) and the long range model delivers 310 miles (500 km). The Model 3 has a nearly barren dashboard with only a center mounted LCD touchscreen.
Limited production of the Model 3 began in July 2017, with the first production vehicle rolling off the assembly line on July 7, 2017 and the official launch and delivery of the first 30 cars on July 28. Tesla CEO Elon Musk expects production to reach 20,000 vehicles per month by December 2017 or approximately 50 percent of the design capacity of the manufacturing line.
Within a week of the 2016 unveiling, Tesla said they had taken 325,000 Model 3 reservations, more than triple the number of Model S sedans Tesla had sold by the end of 2015. These reservations represent potential sales of over US$14 billion. By August 2017, there were 455,000 net reservations, and an average of 1,800 additional being added per day.
In September 2015, Tesla announced that the Model 3 would be unveiled in March 2016. In January 2016, Musk said that the first official pictures of the car will be revealed at the end of March 2016. Delivery would begin in late 2017 first on the US West Coast and then move eastwards. Potential customers were first able to reserve their spot in the queue at Tesla stores or online on March 31 with a refundable deposit. In February 2016, Tesla indicated that the unveiling would be on March 31, 2016. Employees of Tesla and SpaceX were given early access to Model 3 reservation, and about 10,000 signed up without discount, scheduled to receive the first batch of cars. Current owners of Tesla vehicles will get priority sales after employees but before the general public, as a reward for helping pay for the development of the Model 3. Early production is usually more flawed: both the Model S and the Model X had several problems at the start of their production, but have since improved.
On the morning of March 31, 2016, tens of thousands of people waited in lines to place the refundable deposit to reserve a Model 3 for 2017 delivery, even though they had not yet seen the car. Online reservations were opened at 10:23pm ET, and the Model 3 was unveiled just before midnight ET. During the Model 3 unveil event, it was revealed that over 115,000 people had reserved the Model 3 in less than 24 hours prior to the unveiling event; more cars than Tesla had sold by that time. 24 hours after opening reservations, Tesla had advanced orders for over 180,000 units. Two days later, Tesla said 232,000 reservations that represent potential sales of over US$11.5 billion.
Comparison of EPA-rated range for electric cars rated up until July 2017 and priced under US$50,000 in the U.S. Only model year 2016 and 2017 cars.
One week after the unveiling, Tesla said it had over 325,000 reservations that corresponded to about US$14 billion in potential sales. Musk said that 5% of reservations correspond to the maximum of two vehicles allowed per customer, “suggesting low levels of speculation”, and that 93% of Model 3 reservations are from new buyers who do not currently own a Tesla. Tesla said “this is the single biggest one-week launch of any product ever”, however other product sales may eclipse this in terms of units sold (but not price), as the iPhone 6 sold over 4 million units in 24 hours. The previous record was the 1955 Citroën DS that had 80,000 deposits during the ten days of the Paris Auto Show, while the Model 3 had 232,000 reservations in two days.