Tesla Tells Investors Model 3 Will Be Ready In July

Tesla Motors repeated that production of the Model 3 will start production this July as scheduled, in a letter to its shareholders as it reported first quarter earnings results.

During the aforementioned period, Tesla lost $330 million due to the company’s cash burn in order to launch the entry-level Model 3, the brand’s most affordable car to date, into the market.

Staying on course with the Model 3’s production plans is essential for the company in order to keep share prices north of $300 per share, Bloomberg reports, which recently gave Tesla a bigger valuation from the much larger and profitable GM and Ford.

Elon Musk tweeted last March that the Model 3 will be easier to manufacture, calling it “just a smaller, more affordable version of Model S,” with “less range & power and fewer features.”

“One of our challenges will be to eliminate any misperception about the differences between Model S and Model 3,” the company said. “We have seen a belief among some that Model 3 is the newest and more advanced generation of Model S. This is not correct.”

The Model 3 is expected to be priced from $35,000 before any incentives, offering a driving range of at least 215 miles per charge.

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