Tesla stock closed at $143 Wednesday, a 40 percent plunge from the beginning of the year. The first Model 3 vehicles are expected to be delivered in late 2017, according to Tesla's letter to shareholders.
For the full year, Tesla said it could produce as many as 90,000 Model S and Model X vehicles which would reflect more than an 80% upside from 2015 sales of slightly more than 50,000 units.
General Motors Co. GM, -3.21% plans to launch the Chevy Bolt around $37,500, also before incentives, at the end of this year - a full year ahead of the Model 3, if Tesla keeps its timeline. The Palo Alto, California-based company began Model X deliveries in September, reaching only 206 by the end of the year.
Musk said the past few months have been "excruciating" as the company dealt with various hiccups, including problems with the Model X's chrome door strips and large front window.
On Wall Street, the title Tesla, which has suffered in the last two sessions, took 13.52% to 163.10 dollars in electronic trading after the close of the meeting on Wednesday. Aside from the Gigafactory, the Model 3 appears to be the game-changer from Tesla, which would help explain the company's market cap of roughly $19 billion.
With a price tag that's so affordable, it comes as no surprise why the latest from Tesla Motors managed to gather such a huge reception when it was first revealed that a smaller sedan was in the works.
The electric-car manufacturer posted an adjusted loss per share of $0.87, and revenues of $1.75 billion. It will travel more than 200 miles on a single battery charge and would be available for as low as $30,000 after tax credits.
Net loss was $107.6 million, or 86 cents per share, one year earlier in December of 2014.
The start-up has also announced it will unveil the highly anticipated "Model 3" mid-range on 31 March.
Nevertheless, the stock climbed due to the amount of auto deliveries in 2015, and more importantly, the company's projections for 2016.