Tesla delivered the first mass-produced Model 3 vehicles in 2017.
The Model 3 was designed as a more affordable electric car than Tesla’s earlier Roadster, Model S, and Model X. Its production ramp became a major test of Tesla’s manufacturing capacity and helped expand the company’s sales beyond luxury vehicles.
Tesla’s market capitalization has often reflected expectations about future electric-vehicle production, battery technology, software, and autonomous-driving services, not only current vehicle sales. The Model 3 is a sedan, while the Model Y is a compact crossover built on related engineering principles. Tesla was founded in 2003, although Elon Musk joined as an early investor and later became its chief executive.