Tesla Model Y SUV to take on Electric BMW X3

Elon Musk

The Model 3 saloon was announced to much fanfare previous year, and Tesla handed over the first examples to employees in July.

Originally, it was thought the only change to Autopilot hardware for the new Model 3 was the addition of a driver-facing camera.

The long-range Model 3, meanwhile, comes with a hefty price premium over the regular Model 3.

Tesla Inc., the American automaker is working on a backup plan if its long-standing promise to bring "Full Self-Driving Capability" onto roads falls short to meet the market demands, claimed the latest report, and published by Electrek.

Given the strong name recognition of founder Elon Musk and the stellar performance of Tesla's stock - up 67% this year - the deal certainly had no problem drawing attention.

At the launch, Musk, however, warned that Tesla would face months of "manufacturing hell" as it increases production of the sedan.

Musk hopes to accelerate production cycle time through a combination of plant automation and by designing vehicles for simpler construction - such as the Model 3 and the Model Y. You can call it a view of the future or blind optimism, but we call it a shared mission. A performance focused variant of the vehicle, which will inevitably house a larger capacity battery - is also on cards.

Returning to some of the more damning anecdotes covered by the biography, Musk said: "There are dozens of bogus or half-true anecdotes [that] don't really matter and maybe five to 10 that do". Tesla raises money in stages because it needs to grow capital and assets at a consistent, efficient pace. Consensus analyst earnings expectations stood at a loss of $1.80 per share, but the Street's whisper number indicated that traders were expecting an even wider loss of $1.87 per share.

According to Informa Global Markets (via CNBC), they secured the 2025 senior notes at a yield of 5.25 percent despite receiving junk bond ratings from S&P and Moody's. The Model 3 is supposed to drive economies of scale by scaling to far higher volumes, and Tesla has said it's adding 1,800 reservations a day for the vehicle.

Tesla's Model 3 is extremely popular.