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Tesla reports substantial Q4 loss, confirms Model 3 production


Tesla has announced that production of its highly anticipated entry-level Model 3 will commence in July despite the company registering a substantial fourth quarter loss.

In a reported letter to shareholders, company CEO Elon Musk stated that the Model 3 will be priced at $35 000 (R451 013), have a range of 378 km and be produced in batches of 5 000 a week starting from the third quarter. This will eventually be upped to 10 000 a week from 2018.

Earlier this month, the company confirmed that pilot versions of the Model 3 would enter production on February 20th, halting construction of the Model S sedan and Model X SUV as it prepared for the necessary upgrades as its plant in Fremont, California.

This comes admits the company reporting a $121-million (R1.5-billion) loss for the final quarter of 2016, although Musk last year claimed that 370 000 order had already been taken for the Model 3.

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