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Tesla’s Model 3 vehicle which is slated to be produced this month has been recently announced by Tesla chief executive Elon Musk himself through a tweet last Sunday that the much-awaited vehicle has been able to pass all the regulatory requirements needed to push through with the production.

The vehicle which is Tesla’s most affordable vehicle yet at an initial price of $35,000 has initially received 400,000 in pre-order after its reveal earlier last year at a Tesla event. Musk tweeted a series of announcements regarding the vehicle also announced that the first thirty owners of the car will be receiving their orders before the end of the month. The company also has reportedly been receiving a huge volume of orders at the moment which is expected to be delivered not until next year.

Tesla currently has a target of producing one hundred units next month and 1,500 Model 3s by September. However, Tesla also intends to ramp up Model 3 production by 20,000 a month this December until next year. By 2018, the company aims to produce a total of half a million cars which is a huge jump from their production of 76,000 cars last year falling short of their 80,000 target.

Early Model 3 customers will be able to choose their car’s color and wheel size while customers who will order much later would be given the chance to choose whether their engines will be optimized for highway driving or for stop and go traffic.

Tesla Shares

Tesla investors have sent the stock up above the $300 level due to the optimism surrounding the release of the Model 3 after it received almost half a million in pre-orders.

Shares of the company rose by 3% on Monday from closing at $361.61 during Friday’s market close after Musk tweeted the details of the Model 3 production on Sunday. Tesla shares are up by about 70% this year and has outrun Ford as the second biggest automaker in the United States. Tesla’s valuation which currently stands at $60 billion is also currently bigger than General Motors whose valuation ranges at $54 billion.

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22K Vehicle Deliveries

In other Tesla news, the company was able to report that it has delivered around 22,000 vehicles during the second quarter of the year. Although the numbers were higher compared to the same quarter last year, this was lower compared to the total deliveries during the first quarter of the year.

In the quarterly earnings report the company released last May, the company was able to deliver 25,051 vehicles and drive in $2.7 billion in revenue. This adds up to a total of 47,100 deliveries falling slightly short of their target from 47,000 to 50,000 cars. According to the company, the lack of delivery numbers can be attributed to issues with their battery production.

Musk’s ambitious production target rate has worried investors recently since the company has not been able to meet the previous deadlines religiously. The same issue is now the primary concern of the markets when it comes to the company’s Model 3 production, release, and deliveries.

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