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Tesla warns of 2-year wait for new customers of Model 3

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After Fortune magazine said in a Twitter post that "Tesla says new Model 3 reservations won't arrive for close to two years", Chief Executive Officer Elon Musk responded with a tweet of his own: "This is because the first 12 months of production are sold out". By auto-industry standards Tesla is small, making about 100,000 cars a year, although hopes to increase its production to 500,000 vehicles per year by 2018.

Elon Musk, the founder of Tesla Motors Inc (NASDAQ:TSLA) has promised that all cars it produces in future will have the capacity to be driverless. Tesla had promised to start delivering its Model X SUV to customers by the end of the third quarter of 2015. Musk already confirmed that the Model 3's interior and the lack of an instrument cluster will make more sense after the "part 2" of the unveiling.

In a development that should surprise no one, Tesla's highly anticipated Model 3 is completely sold out through mid-2018.

Here are your basics then: the Tesla Model 3 is a five-seat, electric auto capable of accelerating from 0-60mph in under six seconds ("we don't make slow cars at Tesla", Musk said).

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A demonstration drive of a fully self-driving Tesla from Los Angeles to NY will happen by the end of next year, Musk added. Altogether, the model seems to be much better suited to patrol use, though the price tag is certainly a real barrier to wide use as a police auto.

We could also learn more about the performance version. They will have sensors with twice the range as the current vehicles and have 40 times more computing power capable of performing 12 trillion operations per second, according to Musk.

Prices start at $35,000 (about £25,000), although this is expected to rise for United Kingdom sales once import costs are accounted for, bringing the price nearer to £35,000.

In terms of Buy/Sell recommendations, analysts have a consensus rating of 3.20 on the shares of Tesla Motors Inc (NASDAQ:TSLA).

The carmaker is likely to go public with final prices when the auto is completely uncovered in production form. In the past weekend, the ministry told the automaker to stop advertising that the Model S and Model X have an "Autopilot" feature because it suggests that drivers do not require paying attention on the road when using the technology, according to Reuters. "It's only been possible to reach this after the prior models".

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