Tesla Model 3 release date, specs and price news: May not launch until 2018, to include self-driving hardware

The Tesla Model 3 is going to be a long wait but fans of the American automaker think that it's all going to be worth it once it's out.

Reports say that those who are looking forward to the release of the sedan will have to learn to be more patient because it won't be out in the market until 2018. Morgan Stanley analyst Adam Jonas believes that it will be delayed because Tesla will not be able to start production which was supposedly scheduled in mid-2017.

But considering the amount of pre-orders, Tesla may not be able to handle the capacity within the time frame. "We continue to forecast a Model 3 launch at the very end of 2018 (more than 1 year later than company target) with 60k units in 2019 and 130k units in 2020," Jonas remarked.

The company has also announced that orders placed now will not ship until a couple of years, which is clearly indicating that production is going to take a while. Tesla isn't new to missing out target dates though.

As for the specs and features of the car, Tesla isn't done with the unveiling yet. So far, the only detail revealed about the Tesla Model 3 is its self-driving hardware. Reports detail that every model will carry the feature but fans shouldn't expect a fully autonomous vehicle as it will still require legal red tape and optimization of Tesla's Autopilot software.

Nonetheless, car owners will be able to sleep in the Model 3 because of the foldable rear seats which can offer up to 66 inches of space behind the front seats. It's also said that the upcoming car will come with the company's newest battery pack which is claimed to be denser than its predecessor. This means that the car can go further on a single charge even without the use of a heavier battery pack.

The Tesla Model 3 has a starting price of $35,000 with a reservation fee of $1,000.