Tags: 2017 | tesla | model 3 | sold out | elon musk

2017 Tesla Model 3 Sold Out; More than 400,000 Cars Ordered Already

Image: 2017 Tesla Model 3 Sold Out; More than 400,000 Cars Ordered Already

In this March 31, 2016, file photo, Tesla Motors unveils the new lower-priced Model 3 sedan at the Tesla Motors design studio in Hawthorne, Calif. (AP Photo/Justin Pritchard)

By    |   Wednesday, 19 Oct 2016 04:45 PM

Tesla Model 3 cars, which will begin release in late 2017, are already sold out for the first 12 months of production with more than 400,000 cars pre-ordered so far.

Tesla CEO Elon Musk confirmed via Twitter that the car company is ramping up production as fast as they possibly can, but said subsequent orders would not be filled until 2018 or later.

The Model 3 cars are fully electric and have a sticker price starting at about $35,000 before tax incentives. The average Tesla buyer chooses options that push the price up to $42,000, according to Top Gear.

Tesla has only one factory in Fremont, California, which has the capacity to build 500,000 cars a year, but it has produced fewer than 100,000 vehicles prior to 2016.

Musk acknowledged to Y Combinator in September that Tesla has some work to do to ramp up its production but stated he was “confident” that Tesla can increase its productivity to a million cars a year by 2020.

The Model 3 accelerates from 0 to 60 miles per hour in under six seconds and has an option for an all-wheel drive version. It will go at least 215 miles on a charge and promises to provide transportation that is sustainable, according to Top Gear.

Because of the rules governing the federal tax credit for buying an electric car, it is uncertain whether people ordering the Model 3 now will be eligible for the credit. Electrek reported the cap will be reached, but the phase out will take three to six months, so getting the rebate will depend on how fast the cars can be made. For many, a partial credit will still be available.

Tesla’s main competitor in the affordable electric car market is the Chevy Bolt, which starts at $37,500.

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Tesla Model 3 cars, which will begin release in late 2017, are already sold out for the first 12 months of production with more than 400,000 cars pre-ordered so far.
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Wednesday, 19 Oct 2016 04:45 PM
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