In BriefTesla released its Q1 letter to shareholders on Thursday, providing updates on the Model 3. The July initial production goal is on track, and the energy company is also set to produce 5,000 vehicles per week during 2017, and 8,000 per week in 2018.
The “Tesla First Quarter 2017 Update” for shareholders was released on Thursday, and with it, updates about the Model 3 timeline. It’s looking like 2017 is going to be an amazing year for Tesla: “Vehicle production in Q1 increased by 64% compared to a year ago, which enabled us to set new quarterly records of 25,051 deliveries and $2.7 billion in GAAP revenue.” The energy company also reports that Model 3 production will start in July as previously announced, and that road testing is already underway.
“Simultaneously, preparations at our production facilities are on track to support the ramp of Model 3 production to 5,000 vehicles per week at some point in 2017, and to 10,000 vehicles per week at some point in 2018.” Tesla reports that equipment installation at Gigafactory 1 is already in process. The expansion plans for their Supercharger network are also on schedule.
“Based on our current order and production rates, our first half outlook remains unchanged at 47,000 to 50,000 deliveries, which represents 61% to 71% annual vehicle delivery growth.” After the first half, Model 3 sales will figure in, and things should become even more exciting — especially given the huge number of preorder sales the company needs to fulfill.