Tesla's (TSLA) - Get Report much-anticipated $35,000 Model 3 electric vehicle will finally start rolling out of the manufacturing plant today, CEO Elon Musk said late Sunday on Twitter (TWTR) - Get Report .
Musk also noted that production should ramp up quickly with 100 Model 3s produced in August, followed by 1,500 produced in September and up to 20,000 produced per month starting this December. In June, Musk had told investors that Model 3 production should start in July at its factory in Fremont, Calif. but didn't give an exact date.
The electric car company first started accepting reservations for the Model 3 with a refundable $1,000 deposit in stores on March 31, 2016 and online on April 1, 2016. Tesla's first car, the Tesla Roadster, came out in July 2006 and was followed by the premium and highly customizable sedan Model S in June 2012 and the family-style SUVModel X in September 2015.
The Model 3 is special because it's the first time the company is making an electric vehicle for an affordable price (starting at $35,000) for the mass market. However, getting a large volume of consumers to switch to electric cars will take time, according to Morningstar CFA David Whiston. "Tesla has a chance to be the dominant electric vehicle firm and is a leader in autonomous vehicle technology, but we do not see it having mass-market volume for at least another decade," he wrote in his latest note to investors.
More of What's Trending on TheStreet
- Meet The Women Redefining Business in TheStreet's New Series, Alpha Rising
- Sears Is Letting This Foreign Retailer That Sells $2 Underwear Put It Out of Business Even Quicker
- 15 Collectibles That Are Completely Worthless
- Here's Why People Betting Against Tesla's Future Are Probably Feeling Great
- This Millennial Visited Chipotle For First Time Since the E. Coli Crisis -- Here's Why She Left Sad
- 18 Major Retailers Besides Sears Canada That Have Filed Bankruptcy This Year and Are Basically Dead