Tesla recently disclosed an update on its Model 3, due to launch in 2017, suggesting that the company still has to complete an alpha prototype of the upcoming model, according to the Wall Street Journal. Prior to the Model 3, which is going to sell at a lower cost than Model S, the company plans to launch its Model X SUV during the second half of 2015.
Tesla still building prototypes for Model 3
Recently, Tesla filed its annual report with the Securities and Exchange Commissions, which also contained information regarding the status of the Model 3. Tesla has already built alpha and beta prototypes for its SUV Model X. Now, manufacturing both of the prototypes for the Model 3 remains one of the major goals of the company. With a cost of about $35,000, half the price of Model S, Model 3 will be affordable to more consumers.
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Moreover, the upcoming vehicle will have a range of 200 miles per charge, and is expected to be launched around the same time other companies such as General Motors unveil their electric vehicles. In addition, the report noted that CEO Elon Musk controls 26% of the company’s stock, which amounts to a stake of almost $7.8 billion.
A formidable force in auto industry
Tesla Motors previous disclosures provided information regarding the time that the company took for developing prototypes. According to a report filed in 2012, the EV carmaker completed building its alpha prototype for the Model S sedan in December 2010. After a month, the alpha or the engineering model was authorized by the board of the company. Then, by October 2011, Tesla completed the second (beta) prototype of the Model S, and, finally, launched the car around mid-2012.
Though the California-based EV carmaker is still dealing with growing pains, Musk has led Tesla to be recognized as a major force in the auto industry. The company’s market cap is larger than Fiat Chrysler Automobiles and is almost half of the General Motors. That said, the EV carmaker is much smaller than its Detroit rival, but it has high hopes for the future, including the development of the world’s largest battery factory in Nevada.