Tesla's Model 3 Turns Six: How It Went From 'Extreme Stress And Pain' To Bankruptcy Savior

It has been six years since Tesla Inc TSLA Model 3 rolled off the production line.

What Happened: On July 9, 2017, CEO Elon Musk posted pictures of the first production Model 3 after it rolled off the production line. A few weeks later, on July 28, Tesla delivered the first 30 Model 3s in an event outside its headquarters in Fremont, California to employees.

The CEO himself kept the first production version of Tesla’s cheapest EV thus far.

‘Stress And Pain:’ According to Musk, ramping up Model 3 production was “extreme stress and pain” for two years from mid-2017 to mid-2019 due to production and logistics issues. 

“The Model 3 production ramp was sheer agony for two years, but that was do or die for Tesla,” Musk said on Twitter in October 2020. The company was a month away from bankruptcy ahead of the Model 3 rollout.

The Model 3 eventually emerged as the most popular EV in the world in 2020, a position it lost only to the Model Y later.

Why It Matters: The Model 3 rear-wheel drive now starts at $40,240, long-range at $47,240 and performance at $53,240. The car is also eligible for a federal tax credit of $7,500.

The base model can touch an acceleration of 60 mph in 5.8 seconds and has a top speed of 140 mph. It also has a range of 267 to 272 miles.

The Model 3 was first unveiled in 2016. Within a week of starting reservations, Tesla received more than 325,000 pre-orders for the four-door sedan.

In the second quarter, Tesla delivered 446,915 Model 3 and Y vehicles, accounting for a whopping majority of its 466,140 total deliveries worldwide.

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