Tesla Motors SEC Filing Details Model 3 Progress

Posted: May 11 2016, 5:56am CDT | by , in News | Cars & Vehicles

 
Tesla Motors SEC Filing Details Model 3 Progress
Tesla Motors Model 3

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Latest SEC filing of Tesla Motors details the state of the Model 3.

Tesla Motors filed a 10-Q with the SEC containing some details about the Model 3. The good news is that Tesla Motors still believes to be able to ship the first Model 3 in late 2017. While we know that the dashboard is not finalized, there is possibly much more of the Model 3 design still in flux.

The SEC filing states: "Final designs for the Model 3 are not yet complete. Additionally, plans for the build out of our production facilities for Model 3 at the Tesla Factory are still in process, and various aspects of the Model 3 component procurement and manufacturing plans have not yet been determined."

Tesla Motors also states in the filing that extensive testing is needed to make sure the Model 3 is in compliance with Tesla's quality standards and applicable regulations prior to beginning mass production and delivery of the vehicles. The Model 3 production plan will also require significant investments of cash and management resources says the company in the filing.

Tesla Motors targets an overall vehicle production level of 500,000 cars, including Model S, Model X and Model 3, in 2018. Tesla notes in the SEC filing that the company has no "no experience in delivering vehicles at the significantly higher volumes we anticipate for Model 3." There are about 400,000 reservations for the $35,000 Model 3. Tesla will need at least until the end of 2018 to fulfill the orders.

10-Q filings are required to state the relevant information regarding the financial position of a company.

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The Author

<a href="/latest_stories/all/all/2" rel="author">Luigi Lugmayr</a>
Luigi Lugmayr () is the founding chief Editor of I4U News and brings over 15 years experience in the technology field to the ever evolving and exciting world of gadgets. He started I4U News back in 2000 and evolved it into vibrant technology magazine.
Luigi can be contacted directly at ml@i4u.com.

 

 

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