Elon Musk made the long anticipated announcement about an hour ago.

According to Tesla CEO, Model 3 passed all necessary regulatory requirements two weeks ahead of schedule. The first ever production Model 3 car is expected to leave the factory next Friday.

Moreover, handover party for first 30 Model 3 owners is scheduled on July 28th.

Model 3 production rate is expected to grow exponentially: about 100 cars in August, following with over 1,500 in September and 20,000 in December.