SAN FRANCISCO _ As promised, Tesla will begin delivering some of its mass-market Model 3 electric-powered sedans this month.
In a series of late-night tweets Sunday, Tesla Chief Executive Elon Musk announced a "handover party" on July 28, at which 30 customers will receive Model 3s. August production "should be" 150 cars, he said, and he projected more than 1,500 of the vehicles will be made in September.
Musk had committed to reaching production levels of 5,000 Model 3s a week by the end of the year. He tweeted: "Looks like we can reach 20,000 Model 3 cars per month in Dec."
The future of the company is riding on the Model 3. So far, Tesla has sold only expensive luxury electric cars. The Model 3's base price, before options, is expected to be around $35,000, with a range of 215 miles.
Musk aims to produce hundreds of thousands of Model 3s next year, an ambitious goal. He has many believers, as reflected in Tesla's stock price, which is up 66 percent year to date. But the stock also has attracted lots of short sellers who are betting on the price to drop as, they predict, the company encounters problems with production, quality and a lack of profits.
Making 30 cars the first month is an accomplishment of sorts. But the make-or-break drama will continue until Tesla proves that it can turn out Model 3s at high volume and accumulate more cash than it costs to build them.
