Elon Musk shows off Tesla’s first production Model 3

Previously, Musk said that the first 30 buyers of Model 3 will get their electric cars on July 28 at the event, which will be held on this occasion. The original version of this piece can be read at https://www.baseball-news-blog.com/2017/07/10/kimbal-musk-sells-4690-shares-of-tesla-inc-tsla-stock.html.

The first drive of a Model 3 test auto in March.

Data analysis from The Wall Street Journal has shown that zero new Tesla Model S sedans and Model X SUVs were registered with the transport department in April, after the vehicle registration tax waiver for electrics was discontinued at the start of that month.

The production of Tesla Model 3 is expected to reach 100 cars by August. Future production goals are-to put it mildly-optimistic, with 10,000 Model 3s rolling out per week, or 500,000 per year, by 2018.

Model 3 has good range- one of the perennial problems in the EVs is that a lot of them come with shorter range. The Model 3 will lock horns with the conventional and popular Mercedes Benz C-Class, BMW 3 Series and Audi A4. As Tesla invests heavily in the production of the Model 3, it needs demand for its higher-priced cars to remain strong to support its newest model.

Tesla recently reported first-half global deliveries of its Model S and its Model X SUV at the low end of its own projection, driving down the stock and raising questions about demand for the older models. So if you ever have dreamed of a self driving auto but your budget is a bit tight, you might be able to finally get one.

Last week, Musk said he expected that the first production Model 3 would be completed on Friday the 7th, so he was a day late. Musk accepted that several customization options that went into the Model X made it too complex. Baillie Gifford & Co. now owns 13,625,678 shares of the electric vehicle producer’s stock valued at $3,792,025,000 after buying an additional 336,130 shares during the last quarter. The $US35,000 vehicle may be dampening appetite for the far more expensive existing models. In March, Tesla sold 2,939 new cars in Hong Kong. Designed with the same sportback style, Model 3 has an estimated range of 215 miles and is available with all the latest technology, including the most advanced self-driving system on the market.

Still, investors punished the stock, which at one point was down almost 20% from its historic high of $383.45 two weeks ago, when it had surpassed General Motors as America’s most valuable auto company. A Tesla spokesperson maintained that “the most objective and accurate independent testing of vehicle safety is now done by the USA government, which found Model S and Model X to be the two cars with the lowest probability of injury of any cars that it has ever tested”. Despite being mass-market, the vehicle is fast and accelerates from zero to 60 miles within six seconds. Currently, Tesla has an estimated 400,000 pre-orders for the Model 3. According to Musk, the vehicle will have an all-around five-star safety rating.