Tesla Is Getting Ready to Start Producing Its Model 3

Tesla (TSLA) - Get Report will shut down its factory for a week this month to prepare for production of the highly anticipated Model 3 sedan, its lower-priced mass-market electric car. Tesla hopes to begin work ahead of the company's Feb. 22 earnings report, according to Reuters.

The electric automaker hopes to begin deliveries of the Model 3 in the second half of 2017, giving it very little time for testing and quality control. The Model 3, with more than 370,000 reservations as of last May, is the key to Tesla's lofty valuation.

Tesla hopes to deliver 500,000 vehicles in 2018, including Model 3s; that's up from 76,230 in 2016.

This article was written by a staff member of TheStreet.