Tesla’s stock rallied in pre-market trading Monday after news that the company’s Model 3 will be delivered on time. The company’s CEO, Elon Musk, tweeted last night that the Model 3 has passed all regulatory requirements two weeks ahead of schedule.
The news comes as a bit of a surprise given the company’s secrecy surrounding Model 3 production. Nonetheless, Musk went on to tweet that the first 30 cars will be delivered to customers via a delivery party on July 28th, which is right on time with the original schedule Tesla planned.
Musk also tweeted that Model 3 “SN1” will be complete by July 7th. It is believed that SN1 is the first serialized, sellable car. He went on to tweet that the company aims to build 100 cars in August and 1,500 in September with “exponential” growth.
Industry analysts have been skeptical of the company’s lofty production goals with the Model 3. The skepticism stems from the launches of the company’s first two products, the Model S and Model X, both of which were plagued with production delays and issues.
The Model 3 is unquestionably critical for Tesla going forward. The company ultimately plans to build 500,000 a year as the car will become the linchpin of the company’s financial future.