Tesla chief Elon Musk announces first production model of Model 3

Tesla CEO Elon Musk announced that the first production model of the much anticipated Model 3, the company's attempt to introduce an electric car for the masses, was expected on Friday. The first 30 Model 3 customers will receive their new Teslas on the 28th at a handover party, according to a second tweet from Musk.

Production was then projected to  grow exponentially - 100 cars in August, more than 1,500 by September, and over 20,000 per month by December.

Tesla is expected to steeply increase Model 3 production in 2018 with total Tesla vehicle production approaching 500,000 units annually. The Model 3 already had pre-orders in excess of 400,000.

When the Model 3 was first unveiled over a year ago at Tesla's headquarters, Musk had expressed confidence of deliveries starting by the end of 2017, and "you will not be able to buy a better car for $35,000, even with no options."

Musk had said at a shareholder meeting last month, that the first Model 3 customers would be limited in their ability to customise their orders - basically just colour and wheel type. ''I should say that we've kept the initial configurations of the Model 3 very simple,'' Musk said. ''A big mistake we made with the X, which is primarily my responsibility - there was way too much complexity right at the beginning. That was very foolish.''

According to commentators, the Model 3 was a critical test for Musk and his ambitious plan to turn Tesla into a producer of mass-market electric cars.

Tesla had until now, produced luxury cars in relatively small numbers, typically selling them for $90,000 or more. Tesla made 85,000 vehicles in 2016, while General Motors, produced over nine million cars and light trucks.

Musk had said Tesla was working to automate its assembly plant further in an effort to boost output for the Model 3