From a $1,000 reservation to the world's best-selling electric vehicle. Ten years of milestones, production breakthroughs, and records broken.
Elon Musk reveals the Model 3 at Tesla's Hawthorne design studio. Starting at $35,000 with 215+ miles of range, it was pitched as Tesla's first mass-market vehicle. In-store reservations opened that morning; online reservations followed at 10:30 PM PT.
Within seven days of the unveil, over 325,000 people placed $1,000 deposits, representing roughly $14 billion in implied future sales. It was the largest product pre-order event in automotive history. Lines wrapped around Tesla stores worldwide.
SN1 is built at Tesla's Fremont, California factory. Musk announced via Twitter that the first production unit was completed on schedule, ahead of the handover event later that month.
Tesla holds a launch event at its Fremont factory. The first 30 Model 3 vehicles are handed over to customers, all Tesla employees. Musk called it "the day Tesla becomes a real car company." Doors opened at 7 PM, remarks began at 9 PM PT.
Tesla delivers only 220 Model 3s in Q3 against massive demand. Battery module production at Gigafactory 1 in Nevada becomes the primary constraint. Tesla acknowledges "production hell" has begun, with a handful of subsystems taking longer than expected.
In the final days of Q4 2017, Tesla hits a rate extrapolating to over 1,000 Model 3s per week. Q4 deliveries total 1,550 Model 3s. The company targets 2,500/week by end of Q1 2018 and 5,000/week by end of Q2.
Tesla produces 5,031 Model 3s in the last week of June, hitting the long-targeted milestone. Staff worked around the clock. A tent-based assembly line (GA4) was erected in the Fremont parking lot, handling 20% of Q2 output. Musk emailed staff: "I think we just became a real car company."
Tesla posts $311.5 million in GAAP net income for Q3 2018, its first sustained profitable quarter driven by Model 3 revenue. The company delivers 56,065 Model 3s in the quarter, with positive gross margins on the vehicle for the first time.
Model 3 becomes the best-selling electric vehicle in the United States, with approximately 139,782 units delivered domestically. It also becomes the best-selling premium sedan in America by the fourth quarter, outselling the BMW 3 Series.
Construction begins on Tesla's first factory outside the U.S. Located in the Lingang area of Shanghai, the facility would become critical for global Model 3 supply. It went from bare ground to producing cars in under a year.
Tesla finally offers the long-promised $35,000 base Model 3. The Standard Range variant delivers 220 miles of EPA range. It briefly appeared on the configurator before being moved to "off-menu" ordering, requiring a phone call to purchase.
Gigafactory Shanghai begins local deliveries less than a year after breaking ground. The first 15 China-built Model 3 Standard Range Plus vehicles are handed to employees. Production capacity targets 150,000 units/year.
Tesla delivers approximately 300,885 Model 3 vehicles worldwide (Model Y had not yet launched). Annual revenue reaches $24.6 billion, with Model 3 as the primary growth driver. The vehicle accounts for roughly 80% of Tesla's total deliveries.
Tesla reports its first full-year profit: $721 million in GAAP net income on $31.5 billion in revenue. Model 3 and the newly launched Model Y combine for 442,562 deliveries. Q3 2020 alone generated $809M in operating income at a 9.2% margin. This sustained profitability qualifies Tesla for S&P 500 inclusion.
Tesla is added to the S&P 500 index, the largest company by market cap ever added at the time. The inclusion, driven by four consecutive profitable quarters (largely on Model 3/Y sales), triggers massive index fund buying. Tesla's market cap at inclusion: ~$659 billion.
Model 3 becomes the best-selling premium sedan globally, outselling the BMW 3 Series, Mercedes C-Class, and Audi A4. Musk notes the achievement during Tesla's Q1 2021 earnings call: "Only three and a half years into production, with just two factories." Tesla annualizes at ~500,000 Model 3s per year.
Combined Model 3/Y deliveries hit 911,242 units. Tesla's annual revenue doubles to $53.8 billion. Gigafactory Shanghai becomes the primary Model 3 export hub, shipping to Europe, Asia-Pacific, and other markets.
Model 3/Y deliveries reach 1,247,146 units. Tesla's total revenue hits $81.5 billion. Gigafactory Berlin (Grünheide) begins Model Y production. Model 3 continues strong in markets worldwide despite increasing competition from BYD, Hyundai, and others.
Total Model 3 deliveries since 2017 cross the 2 million mark. In just over five years of production, the Model 3 has become the best-selling electric vehicle in history, manufactured across Fremont and Gigafactory Shanghai.
Tesla unveils "Project Highland," the comprehensive mid-cycle refresh of the Model 3. New front fascia, redesigned headlights, reworked interior with ambient lighting, improved NVH, and a rear screen. First deliveries begin in China and Europe. North American availability follows in January 2024.
Combined Model 3/Y deliveries peak at 1,739,707 units. Tesla's annual revenue reaches $96.8 billion. Despite aggressive price cuts throughout the year, the sheer volume drives total revenue to record levels. Model Y overtakes Model 3 as the higher-volume sibling.
The refreshed Model 3 Highland goes on sale in the U.S. and Canada. RWD starts at $38,990 with 272 miles EPA range and 0-60 in 5.8s. Long Range AWD offers 341 miles and 0-60 in 4.2s. New features include a power trunk, reworked suspension, and improved sound insulation.
By end of Q3 2024, estimated cumulative Model 3 sales reach approximately 2,627,871 units worldwide. Combined Model 3/Y cumulative deliveries pass 6 million. Tesla's Q3 2024 revenue hits $25.2 billion.
Tesla delivers an estimated 192,440 Model 3 sedans in the United States, a 1.3% year-over-year increase. The Model 3 alone accounts for 15.9% of all U.S. EV sales. In China, Model 3 records 200,361 units sold, up 13.3% year-over-year from Gigafactory Shanghai.
Combined Model 3/Y deliveries reach 1,585,279 globally. While overall Tesla volume dips, the Model 3/Y platform still accounts for 97% of all Tesla deliveries. European deliveries face headwinds but Model 3 remains the top-selling EV sedan in multiple markets.
Exactly ten years since Elon Musk pulled the sheet off a $35,000 electric sedan that most of the industry thought was impossible. What started as 325,000 deposits from true believers became the car that proved mass-market EVs were viable. The Model 3 turned Tesla from a niche luxury brand into a global automaker.
Tesla officially confirms cumulative Model 3 deliveries have exceeded 3 million units worldwide. The company marks the milestone as it celebrates the vehicle's first decade. China-produced Model 3 from Gigafactory Shanghai remains a cornerstone of the global supply strategy.
The Model 3 transformed the automotive industry's trajectory. It proved that a mass-market EV could be desirable, not just practical. It forced every major automaker to accelerate their own EV programs. And it built the manufacturing and Supercharger infrastructure that made the broader EV transition possible. No single car since the Ford Model T has so fundamentally changed what people expect from a vehicle.