Tesla Model 3
A Tesla Model S charges at a Tesla Supercharger station in Cabazon, California, U.S. May 18, 2016. Reuters/Sam Mircovich

Tesla CEO Elon Musk has revealed an aggressive production plan for its Model 3 sedan so that the electric vehicles hit the market by year end. In order to support the rollout, Tesla may need to raise more cash. Musk has stated that Tesla Model 3 production is very much on track and that the company is looking to ramp up production to 5,000 vehicles a week in the fourth quarter. The Model 3 is part of Musk’s goal to transform Tesla from being just a luxury car maker to a sustainable energy company selling EVs, offering solar power to generate energy and producing batteries for storing the power.

According to The Australian, the US$35,000 (AU$45,400) Tesla Model 3 electric sedan’s production plans have instilled fresh enthusiasm in investors. This has pushed Tesla market value to within reach of 100-year-old Ford. “We are considering a number of options, but I think it probably makes sense to raise capital to reduce risk,” stated Musk. He also told analysts that even though Tesla did not require additional money, he still expects the company’s cash pile to drop.

Apart from the Tesla Model 3 production update, Musk also talked about some important aspects of the EV. He said that “the Model 3 is designed for manufacturing and that it is a simpler car than Model S and X. The Model 3 has 1.5kms of wiring compared to Model S’s three kilometre wiring. Tesla has significantly simplified the wiring system for Model 3. Moreover, the mass-market EV has just one screen compared to Model S and X’s two screens and two computers powering each screen.

Many are speculating a heads-up display for the Tesla Model 3. The car is reportedly dropping many of the bells and whistles present in the other vehicles. Moreover, the base battery of the Model 3 is expected to be less than 60kWh though bigger battery options will also be available, reports Electrek. The electric vehicle will come equipped with Tesla’s next-gen autonomous driving hardware. The company started building prototypes early February to test vehicle design and manufacturing processes.

While Tesla Model 3 is definitely the most-anticipated electric vehicle of this year, some auto enthusiasts are comparing it with BMW i5, which many are calling the “Model 3 killer.” The Tesla competitor will reportedly hit the market in 2021. Stay tuned on IBT AU for more updates on the Tesla Model 3 and other Tesla news.