First Production Cars to Roll Out on July 7

Tesla Inc. - TSLA - Stock Price Today - Zacks

Taking to Twitter on Monday morning, Tesla CEO Elon Musk confirmed that the Model 3 electric auto will make its debut later this month, with a ceremony marking the initial production run of just 30 cars planned for July 28, reports Forbes. The model has passed all regulatory requirements for production two weeks ahead of schedule, he said.

The Model 3 is to start around $35,000 and with a $7,500 federal electric vehicle tax credit, could cost $27,500. Tesla says the five-seat vehicle will be able to go 133 miles (215 kilometers) on a single charge and will be sporty, accelerating from zero to 60 miles per hour in under six seconds.

"Production grows exponentially, so Aug should be 100 cars and Sept above 1,500", Musk said. That's fairly cautious outlook, particularly as Model 3 is expected to drive volumes provided that the company can ramp production without any hiccups.

That figure is less than previous estimates.

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Tesla chief executive Elon Musk took to his official Twitter account the much-awaited announcement that further hyped up those who have booked the new model in advance. The firm owned 1,814 shares of the electric vehicle producer's stock at the end of the first quarter.

The company reported this week it had delivered 22,000 vehicles in the second quarter and 47,100 in the first half.

When Tesla released its delivery and production numbers on Monday, the company noted that production totaled 25,708 vehicles. These packs are made on new production lines "using new technologies", according to Tesla. Until early June, production averaged about 40% below demand. $1.42 million worth of Tesla Inc (NASDAQ:TSLA) shares were sold by Gracias Antonio J. Musk Kimbal sold $715,712 worth of Tesla Inc (NASDAQ:TSLA) on Monday, April 3.

The Model 3 will be priced around $35,000. Tesla says at least 400,000 people have paid $1,000 to reserve the right to purchase the Model 3.

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It would be exciting to see what more Tesla has in store as more Model X and Model S vehicles will be coming out soon in December.

Pulling off a successful launch of the Model 3, and sustaining high-volume production, is crucial to Tesla's broader goal of widespread electric auto adoption, Caldwell said. For comparison: in 2016 the company Produced only 84,000 cars. And, it will also give the prospective owners a bit more time to save up some more so they won't have to be limited to the Model 3 in its most basic form. Company's distance from 20 day simple moving average is -4.28% and distance from 50-Day simple moving average is 4.50%.

Another point of concern was that Tesla's cash burn rate is likely to increase through 2017.

Total cash per share on the most recent quarter is 24.39.

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The auto isn't just a make-or-break vehicle for Tesla but a litmus test for whether the electric-vehicle market can go mainstream at more than niche sales levels. Audi plans to introduce an electric SUV with 300 miles (483 kilometers) of range next year; Ford will have one by 2020. The Automotive segment includes the design, development, manufacturing, and sales of electric vehicles. And they have deeper pockets. However, the company is facing supply chain problems which are restricting its ability to increase production.

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