Tesla’s stock rose 3% yesterday after the electric car maker announced that it will deliver the first 30 Model 3 sedans to customers on July 28.

Tesla will make its first production model of the Model 3 electric car on Friday

The company will celebrate by holding a “handover party” for the first 30 Model 3 buyers on July 28, Musk said on Twitter. This model has passed all the production requirements two weeks ahead of the deadline, wrote Elon Mask. He added that for more than a year, the company had targeted summer 2017 for the launch of the Model 3, which comes with a base price of $35,000 before tax credits. The car gets 215 miles of range on a battery charge.

His announcement calmed concerns over Tesla’s ability to meet production targets, bearing in mind that the launch of the previous Model S and Model X was hampered by delays and quality tests.

The company will manufacture about 100 units of the compact sedan in August and more than 1,500 by September.

“It looks like we can reach 20,000 in December,” he said.

A slow increase in production capacity is common in the auto industry as workers install new equipment, learn new assembly tasks and ensure quality.

Tesla Model 3 promises to comfortably accommodate five adults, achieving acceleration from 0 to 63 mph in less than 6 seconds and having a capacity of 215 miles at a single charge.