Tesla Model 3: referral codes, prices, range, reviews and UK release

Tesla Model 3: First year of production 'sold out'

19 October

Tesla is gearing up for its "unexpected" product reveal today, but the company has also broken radio silence over its next vehicle, the Model 3.

The company has confirmed that new orders for the highly anticipated electric vehicle won't arrive until mid to late-2018, so anyone who joined the back of the 400,000-strong queue will have almost two years to wait to get their cars.

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Chief executive Elon Musk announced the news on Twitter in reply to a post from Fortune magazine.

Production of the Model 3 will begin halfway through 2017 and first customers are still expected to get their cars towards the end of the year.

This is Tesla's first "affordable" mass-production EV and is expected to cost £30,000 to £35,000. Pre-orders can be made with a £1,000 deposit.

The carmaker is likely to go public with final prices when the car is completely uncovered in production form. So far, Tesla has only held "part one" of the Model 3's long and drawn-out reveal, with "part two" set to happen at a currently unknown date.

Production is dependent on Tesla's new gigafactory complex, which should be capable of manufacturing batteries for up to 500,000 electric cars a year by 2018, the vast majority of which will be destined for Model 3 orders.

Once manufacturing is fully underway, the backlog of orders could account for nearly £10bn in sales.

Infographic by Statista for TheWeek.co.uk