A Tesla Model 3 launch date was alluded to at the company’s shareholders meeting Tuesday. During that meeting, Tesla CEO Elon Musk stated that the first production Model 3 would be available next month. Not only that, but Tesla shares are on the up, and they could continue rising indefinitely. Shares hit an all-time high of over $359 Tuesday and are believed to be heading for even more dizzying heights soon.
Tesla has discontinued use of the Mobileye sensors and algorithms that were part of earlier Tesla models. It has gone to Hardware 2, the name given to the new version of its autonomous vehicles. Faults and poor performance seriously affected previous software systems, leading to a number of complaints.
During the meeting, Musk reaffirmed that one goal of the company is to drive a vehicle from a California parking lot to New York City without a driver touching the controls.
Another of Tesla’s goals is to increase production to 500,000 cars each year by 2018. This is significantly more than the 50,000 built in 1016. Tesla will launch just one configuration of the Model 3 in July. This will be a single-motor sedan. The Model 3 will not feature the dual-motor version that is available for Models S and X. The dual-motor auto had been optimized for both highway and city driving.
Gigafactories will be built in three locations, although these were not identified at the meeting. It is believed that one of these is set aside specifically for the Model Y. However, Elon Musk did not state any specifics for these plants.
The existing gigafactory in the Nevada desert is run jointly with Panasonic for the production of 35 GWh cells per year – this is the 2018 prediction. The silicon and lithium batteries are not much more than the size of shotgun cells, but they pack a heck of a lot of power.
It is this type of ingenuity that has lowered the cost of these batteries to a price that will enable the Model 3 to be available at an affordable price. The battery is the single most expensive component of an electric car, particularly an autonomous vehicle. The Nevada plant will be size of 100 football fields when completed. This is a measure of Tesla’s commitment to the electric car market.
Tesla shares are rising rapidly in value, but they rely very much on the success of the Tesla Model 3. Many believe that Tesla shares will exceed $400, with a predicted $430 plus mentioned in some quarters. The Tesla Model 3 development will have a very significant bearing on share prices, amid a slight easing in demand for the S and X models. Perhaps people are awaiting the launch of the Model 3.
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