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BREAKING NEWS

Musk says $35,000 Model 3 to reach volume production mid-year

Musk says $35,000 Model 3 to reach volume production mid-year
FILE PHOTO: A parking lot of predominantly new Tesla Model 3 electric vehicles is seen in Richmond, California, U.S. June 22, 2018. REUTERS/Stephen Lam/File Photo -
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(Reuters) - Tesla Inc Chief Executive Officer Elon Musk said on Monday production of the $35,000 (£26,565) version of the electric carmaker's Model 3 will start this month, but would not reach volume production until mid-year.

"Gap in understanding is that $35k Model 3 production *starts* this month, but will not reach volume production until mid year. Extremely difficult to predict middle part of manufacturing S-curve," Musk replied to a tweet https://twitter.com/elonmusk/status/1102669715095212032.

Tesla offered for the first time a $35,000 version of its Model 3 last week and said its global sales would now be online-only, steps designed to increase demand and cut overhead costs for the company.

(Reporting by Akanksha Rana in Bengaluru; Editing by Sriraj Kalluvila)

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