The start of the production of the Tesla Model 3 electric vehicle is nearing. However, it seems that the luxury electric car manufacturer is not on schedule.
Tesla Model 3 production not on schedule. According to reports, the beta prototype of the Model 3 is yet to be ready. This pose was a concern given that the Model 3's production scheduled to start in July.
CEO Elon Musk may have bitten more than he can actually chew. This seems to be the case despite Musk assuring everyone that production is on track and will start by July.
The luxury electric car manufacturer's recently submitted K-10 filing with the Securities and Exchange Commission (SEC) says that the Model 3's design has yet to be finalized. Given this information, it would be quite difficult for Tesla to meet the July deadline.
About the Model 3, Tesla's K-10 filing says, "We expect that the next performance milestone to be achieved will be the successful completion of the Model 3 Beta Prototype, which would be achieved upon the determination by our Board of Directors that an eligible prototype has been completed. Candidates for such prototype are among the vehicles that we are currently building as part of our ongoing testing of our Model 3 vehicle design and manufacturing processes."
Musk is known for setting extravagant and ridiculous goals. He has quite a record of not meeting expectations and keeping promises, too. Although Tesla's past slip-ups did not cause much of a stir, the delay in the Model 3's production may as the company has built up quite the hype and excitement especially with the vehicles US$35,000 price tag.
The company got over 180,000 pre-orders in the first 24 hours of the Tesla Model 3 going on sale with that number over 400,000 now. That many pre-orders obviously cannot be accommodated given that the first quarter is ending, July is just around the corner, and Tesla has yet to finalized a beta prototype of the Model 3.