As the mass-market Model 3 edges closer to production, Tesla Motors (NASDAQ:TSLA) successfully brings up $1.2 billion. The young luxury car maker recently news of this achievement. Elon Musk explained last month that Tesla will need to lay down around $2.5 billion in capital expenditure before introducing the Model 3. According to an SEC filing earlier this month, the company brought up nearly $350 million though share sales. Another $850 million was secured form convertible dues.
Musk assures stakeholders that the Model 3 is on track and set to go into production this July. Making things easier, the EV maker’s bid to advance capital is moving better than projected. Earlier last week, the EV maker expected to secure $1 billion, seeding around $250 million from shares and $750 million in debt. According to the company, full Model 3 production should be reached by September this year.
Looking on the bright side, Tesla is known to have secured around 375,000 paid Model 3 reservations. Going at $35,000 for the base model, it will be the most inclusive car made ever produced by the luxury automaker. The chance to get the vehicle at a discount proved incredibly alluring. The Model 3 had no trouble raking in the better half of $370 million is deposits within 24 hours of showcasing its prototypes.
Tesla has a sour track record when in comes to fulfilling its assurances. In light of its repeated delays, exaggerated capacity and constant financial under-performances, many analysts approach any Tesla assurance with healthy dose of skepticism.
David Tamberrino, an analyst at Goldman Sachs planted an Sell rating TLSA last month. The analyst claims that Tesla is likely to miss its Model 3 promises. Tamberrino predicts the high-end car maker will probably need more funding closer to the end of the year.
Tesla Model 3 looks
In terms of the car’s overall appearance, Tesla unveiled a stunning concept nearly a year ago. Although, much like its previous cars, the released versions could come out slightly different than the flaunted pre-release models. The Model 3 promises to be a bit more compact than Tesla’s flagship Model S sedan. Unveiled models show a reduced rear trunk as well as a less projected front. Regardless, it will be a 4-door vehicle capable of seating 5 adults.
The Model 3 will also house a rear and front trunk, once again spoiling Tesla owners with storage options. Buyers are able to get their Model 3s in glass or steel roof options. However, it is unclear which of these roof options will be standard.
Safety and Autopilot
Despite being cheaper, the Model 3 will be no less safer than the existing Tesla line-up. It will boast all-round, 5-star safety features much like the Model S and Model X. Autopilot 2.0 will come standard with the car as well. This version of Autopilot gives the car level 5 autonomy.
The EV’s standard autopilot hardware includes 8 camera, 3 of which are front-facing. Autopilot 2.0 offers 360 degree visibility with more than 250 meters of range, along with 12 ultrasonic sensors, powerful processing speeds and forward-facing radar to boot.
Looking inwards, we are assured of roomy interior. The driver gets to rest his or her hands on a spaceship-like steering wheel, according to Musk. The center console appears to be no more than a projected ,15”, touchscreen monitor, judging from what the public has been shown so far. This is similar to the monitors seen on the Model S and X, except the model 3’s looks more like a propped up tablet. We are told that the dash will feature a single HVAC slot and that the rear seats can fold flat.
Delivery of Model 3
Elon Musk reported that the production of the Model 3 should begin at the start of July this year. However, the CEO later stated that there is a chance Tesla maight miss that deadline. The second half of 2017 should also see Model 3s finally being delivered. Priority will be given to high add-on orders to begin with. Tesla will first push out deliveries in the west coast and move eastwards. The first 12 months of production are reportedly sold out.
Reportedly, only 7 per cent of the Model 3 reservation holders are currently Tesla owners. These people will also be given delivery priority in each region. Tesla Motors Inc. has assured the public that there won’t be any delays in the upcoming EV’s release.
The Model 3 — Performance
The Model 3 might be Tesla’s cheapest car, but it will be nothing close to a poor performer. This is according to the assurances of Elon Musk himself, the firm’s CEO. “We don’t make slow cars here at Tesla,” Musk said at the car’s unveiling. The upcoming Tesla (NASDAQ:TSLA) EV will be able to cover at least 215 miles, or 346km on a single charge. This will be accomplished with a less than 60 kWh due to 30 per cent denser energy storage.
Zero-to-sixty mph will be achieved in less than 6 seconds. Buyers in countries that don’t care about miles can look forward to a an EV that can do zero-to-a-hundred in under 6.2 seconds. These last two acceleration rates apply to the rear wheel drive versions of the car.
Among the confirmed options is a performance model, Ludicrous mode, a solar roof, all wheel drive and 3 different wheel designs to choose from.