Tesla Inc.'s (TSLA) Model 3 has passed regulatory production requirements and the first cars will be on roads by July 28, its founder Elon Musk said Monday.
In a series of Tweets, founder and CEO Elon Musk said the Model 3 has passed all regulatory requirements two weeks ahead of schedule and it is "expecting to complete SN1 on Friday", a reference to what could be the first model off the production line.
Handover party for first 30 customer Model 3's on the 28th! Production grows exponentially, so Aug should be 100 cars and Sept above 1500.— Elon Musk (@elonmusk) July 3, 2017
Tesla is planning a handover party for the first 30 customers on July 28, Musk said, with production growing there should be 100 Model 3s out in August and more than 1,500 in September.
"Looks like we can reach 20,000 Model 3 cars per month in Dec," Musk tweeted.
Looks like we can reach 20,000 Model 3 cars per month in Dec— Elon Musk (@elonmusk) July 3, 2017
Tesla shares closed at $361.61 on Friday, extending a three-month gain of 29.94% and valuing the company at just under $60 billion. Shares gained 2.9% in premarket trading on Monday.
Prices for the Model 3 start around $35,000 making it the cheapest Tesla model. The company unveiled the model last year, saying the production version would be shown off in July, since then the car has received more than 400,000 pre-orders, making it arguably the most anticipated new car launch in automotive history.
Updated from 5:20 a.m. ET
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