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Tesla says it's on track to show the Model 3 in March 2016

Tesla says it's on track to show the Model 3 in March 2016

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In its third quarter 2015 shareholder letter released today, Tesla reiterated that it plans on showing its Model 3 — a critical vehicle for the company that is expected to bring Tesla within reach of middle-class car buyers — in March of next year. CEO Elon Musk first said it'd be shown in March 2016 in May of this year, but for a company that has seen its share of delays, there are no guarantees. Commercial availability of the Model 3 would likely come in 2017.

The news comes amidst a relatively positive quarter for Tesla that saw record vehicle deliveries and assemblies (11,603 and 13,091, respectively) on the heels of the Model X's commercial release. The X's ramp-up is slow going, though: Tesla notes that it's having trouble getting enough of the SUV's unusual second-row monopost seats, prompting the company to bring production of them in-house. Going into 2016, the company says it'll "achieve steady state production capacity" of the X, though, which is a good thing: individuals currently on the waitlist could expect to wait a year or more. There's also the matter of Tesla's profits, or lack thereof: the company reported a non-GAAP net loss of $75 million, $0.58 per share, which missed analyst estimates.

Tesla's earnings call is at 5:30PM Eastern today, and as usual, Elon Musk is expected to speak.

Verge Video: Tesla Model X