Musk Confirms Tesla Model 3 Sold Out For First Year Of Production

Elon Musk has taken to Twitter to reveal that the first 12 months of #Tesla Model 3 production is sold out.

The company's co-founder revealed the news in response to an article from Fortune Magazine stating that new Model 3 reservations won't arrive until mid-2018 at the earliest.

While an exact date for when production will commence has yet to be announced, Tesla's website says that production will begin in mid-2017 and that the first examples will reach customer hands in the second half of next year.

Back in May, Tesla confirmed that it had received 373,000 reservations for its upcoming entry-level model but no new figure has been announced since. In all likelihood, reservations now exceed the 400,000 mark.

When it hits the market, the Model 3 will be priced from $35,000 before any incentives are applied but could drop as low as $27,500 for customers who receive the full $7,500 tax credit. While the car has yet to be revealed in production-guise, Tesla announced at its unveiling that the model will have a range of at least 215 miles (346 km).