Tesla CEO Elon Musk unveils his latest possession, the Model 3

Posted July 11, 2017

This meant that on April 1, the price of a base Tesla Model S soared from below $75,000 to around $130,000.

When Tesla introduced the new hardware suite, which includes 8 cameras, 1 radar, all-around ultrasonic sensors, and a Nvidia Drive PX2 computer, they said all future vehicles will be equipped with it, including the less expensive Model 3. Germany has its own purchase incentive program for electric cars, which isn't applicable to the Tesla Model S, given its high price point, but will likely apply to the Model 3.

Since first announcing the Model 3 in 2014, Elon Musk and Tesla have allowed plenty of time for the hype to build. That's why he didn't get the first production model of the Model S. The first 30 customers will receive the Model 3 at a handover party, he said.

Tesla did not immediately respond to Quartz's request for comment.

Elon Musk first opened the door for pre-ordering the Model 3 electric vehicle over a year ago, and within days over 300,000 eager customers shelled out a thousand dollars each in deposits to have their names added to a very long waiting list.

The billionaire entrepreneur has taken great care in rolling out the new vehicle, vowing not to repeat the mistakes of the Model X SUV when it debuted in 2015.

It seems that Model 3 has not undergone significant changes since the announcement in 2016.

The Model 3 is the third model in the current range from the company that includes the Model S and Model X - a crossover SUV that was delivered to customers nearly 18 months later than planned.

"Hong Kong remains a significant market for Tesla, and we continue to sell cars there each quarter", Tesla said.

Still, investors punished the stock, which at one point was down almost 20% from its historic high of $383.45 two weeks ago, when it had surpassed General Motors as America's most valuable vehicle company.

This summer has had a lot of news about electric vehicles. The door handles, for example, look like the handles of any modern auto until you move closer and realize they lay flat against the sides of the vehicle, a design cue taken from the Model S and Model X. The first quarter of the year saw the electric auto maker have its best period ever, shipping out 25,000 units and sending its share price rocketing upwards to surpass Ford and close in on General Motors in market capitalization. For individuals who have cars that can hold out for at least another year may not see that as too much of an issue, but the literal year long delay can be off putting for many. The Tesla Autopilot feature will be readily available and the auto just recently passed various safety tests. No other details were made available.