Despite having its first crash earlier this year, Tesla Motor's stock went up three per cent ahead of the launch of the first 30 Model 3 sedans.

Due out on July 28, the Model 3 passed all regulatory requirements for production two weeks ahead of schedule, according to CEO Elon Musk.

The news should alleviate growing concerns regarding production, following earlier issues with the launch of the company's Model S sedan and Model X SUV.

Musk stated on twitter that the company expected to have 100 cars on the road by August, with a further 1500 produced by September.

The ultimate target for the Model 3 is 500,000 per year in 2018.

Priced at $35,000 USD, the Model 3 is a smaller, more affordable version of the Model S, containing fewer features.

Local pricing for the Model 3 is yet to be announced but expected rollout is mid-2018.

Source: Reuters

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