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Tesla announces new Model 3 production plans, guidance of 500,000 cars/yr by 2018, instead of 2020

tesla model 3

Tesla’s stock price (TSLA) surged by 7% in after-hour trading after the release of its first quarter 2016 financial results. The reason for the surge wasn’t as much about its earnings, but because of its new Build Plan.

The automaker announced that it is advancing its 500,000 units per year guidance by two years to 2018. Tesla says that the new production plan is in reaction to the over 400,000 Model 3 reservations it received since the unveiling last month. Expand