In a reported letter to shareholders, company CEO Elon Musk stated that the Model 3 will be priced at $35 000 (R451 013), have a range of 378 km and be produced in batches of 5 000 a week starting from the third quarter. This will eventually be upped to 10 000 a week from 2018.
Earlier this month, the company confirmed that pilot versions of the Model 3 would enter production on February 20th, halting construction of the Model S sedan and Model X SUV as it prepared for the necessary upgrades as its plant in Fremont, California.
This comes admits the company reporting a $121-million (R1.5-billion) loss for the final quarter of 2016, although Musk last year claimed that 370 000 order had already been taken for the Model 3.
