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Tesla’s Model 3 to hit European roads in February

Published: 10:41 05 Dec 2018 EST

model 3
The Model 3 is expected to retail for around £40,000

Tesla Inc’s (NASDAQ:TSLA) long-awaited mass-market Model 3 electric car is set to hit European roads in February next year.

Customers who put a deposit down way back in March 2016 will be among the first to take delivery of the cars as long as they confirm their order by January 1.

The first Model 3 rolled off the assembly line in the US last July and delivered to Tesla’s billionaire boss Elon Musk.

READ: Trade war forces Tesla to slash prices in China

But European customers have had to wait while the company got to grips with various production issues which caused it to miss several ambitious delivery targets.

 The Model 3, which currently starts at around US$50,000 (£39,000), has been the best-selling car by revenue in the US over the past few months, with sales averaging almost US$1bn a month.

As production ramps up and becomes more efficient, Musk wants to build a basic model that would retail at US$35,000 (£28,000).

Tesla shares were up 0.8% to US$362.52 in pre-market trading on Wednesday, valuing the carmaker at almost US$65bn.

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