Tesla Inc. (TSLA) is poised to open higher Monday as founder and CEO Elon Musk reveals the first pictures of the much-anticipated Model 3.
Tesla shares were marked 1.78% premarket trading, indicating an opening price of $318.80, after falling more than 17% last week amid concerns over poor registration data in its home market in California and questions over its bullish production targets.
In a series of Tweets Sunday July 9, Musk confirmed that the first Model 3 had come off the production line and was now going through final checks. The first car will go straight into Musk's garage as a 46th birthday present, he said.
Musk last week confirmed that the first Model 3s will be on the roads in late July.
Musk has said that production should ramp up quickly with 100 Model 3s produced in August, followed by 1,500 produced in September and up to 20,000 produced per month starting this December.
Tesla last week won a bid to to build the world's largest lithium-ion battery park in South Australia, signing off on a deal to finish the instillation within 100 days or give it away for free.
The deal follows a call for tenders by the Australian state, which has suffered a series of devastating blackout that have left as many as 1.7 million people without power.
