Tesla unveils first production Model 3 and it belongs to…Elon Musk [VIDEO]

Automaker plans to ramp up production slowly, with just 100 cars to be producer in August and more than 1,500 in September.

WASHINGTON — Electric automaker Tesla has produced its first Model 3 sedan, a highly anticipated car because it carries a relatively low sticker price.

CEO Elon Musk July 8 tweeted pictures of the car, which will cost about $45,000 ($35,000USD) and can travel 345 kilometres on a single electric charge. In Ontario, the car qualifies for a green vehicle rebate of up to $14,000 and in Quebec, $3,000.

The new model comes after a bad week for Tesla’s stock price.

Shares fell roughly 14% after Musk tweeted that deliveries of the company’s other two models – the Model S sedan and Model X SUV – were at the low-end of the company’s projections in the first half of this year. Musk also said the company would make 20,000 Model 3s in December, below previous estimates.

Musk earlier had said Tesla would make 10,000 Model 3s per week by December.

Musk also has said the Palo Alto, California-based company will hold a party to hand over the first 30 Model 3s to customers on July 28.

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Tesla expects to produce 100 cars in August and more than 1,500 in September, Musk tweeted earlier.

While second-quarter deliveries rose 53% from a year ago, they still were about 12% below first-quarter deliveries. Tesla said in a statement that second-quarter production was hampered by a severe shortfall of battery packs. Production averaged 40% less than demand until early June, the company said.

The electric car maker has planned a handing over launch party on July 28, where it will present 30 Model 3 owners with keys to their new vehicles.

Here’s a quick look at the first Model 3 getting the rockstar treatment as it rolls off Tesla’s production line at its California plant.

News from © Canadian Press Enterprises Inc. 2016

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