Tesla Model 3 Production May Begin In July

Tesla has revealed its earnings for the fourth quarter of 2016-2017 financial year, with a nugget of information many of us were waiting for. According to the details, the Model 3 will be produced in limited numbers starting July 2017. Tesla will then ramp up the production in the fourth quarter to exceed 5,000 units per week (over 2,50,000 units per year). That is not all! Tesla expects, onwards from sometime in 2018, to produce 10,000 vehicles per week (over 5,00,000 vehicles per year).

Why is the Model 3 so important for Tesla? The Model 3 will help the electric carmaker reach a broader user base. Currently, while it makes the Model S and Model X, their high price of admission keeps a lot of users from coming to Tesla's fray. The Model X starts from $71,300 (Rs 50 lakh approximately) while the Model X starts from $88,800 (Rs 62 lakh approximately). The Model 3 has been priced at $35,000 (Rs 24.5 lakh approximately). The fact that people in India could book the Model 3 by paying $1,000 (Rs 70,000 approximately) meant that this car is headed to India. With Elon Musk hinting at a Tesla launch in India this summer, the idea of the Model 3 coming to India seems more plausible than ever.

The Model 3 is claimed to achieve over 300km range on a single charge. It can seat five, go from 0-100kmph in less than 7 seconds, and has semi-autonomous driving capabilities. With Tesla continuously updating its car wirelessly via over-the-air updates, a lot of features can be added to the car during its lifecycle. If you feel the Model 3's price is high, consider the fact that it may be able to benefit from the Indian government's FAME scheme. This would bring its price down.

What does the Model 3 mean for Tesla? Well, a turn of fortunes for the company, for one. A week after the Model 3 was unveiled back in March 2016, Tesla reported reservations exceeding 3,00,000. This means a windfall of approximately $11 billion (Rs 73,500 crore). What it means for us people? Less impact on the environment and driving a constantly updated car from time to time.