Tesla is way ahead of schedule is meeting one if its most ambitious goals, the company said on Wednesday.
In a statement to investors, the company said that it will build 500,000 vehicles a year by 2018.
Previously, the company had said that it aimed to accomplish this by 2020. However, demand for Tesla’s upcoming Model 3 was greater than expected and pushed the company to reassess its goals.
The company had about 325,000 reservations for the Model 3 during the first week of taking deposits. The company has confirmed since then that orders have risen to almost 400,000 reservations.
The Model 3, of course, is the Tesla’s first affordable car. Before incentives, the vehicle will start at $35,000. However, in some states, tax incentives could bring that price tag down to less than $30,000.