Tesla founder Elon Musk has confirmed that production of the new Model 3 electric saloon will be completed "on Friday".

Vehicle production should jump from 100 units in August to 1,500 in September, with Tesla hoping to produce 20,000 cars per month by December.

Despite its smaller and more compact proportions to Tesla's flagship Model S saloon, recent spy shots of the company's entry-level car show it bears a striking resemblance to its larger sibling.

Customers will be able to spec their Model 3 in blue, black, red or silver, although more colours are expected to be announced closer to the car's launch.

While some expressed disappointment at the lack of a conventional speedometer on the dashboard, Musk tweeted to disgruntled fans that they "won't care" about the minimalistic cabin, implying the rest of the car will be worth it.

With the seats down, the car's cargo bay will stretch from the back of the front seats to the end of the boot, opening up around 66ins of room.

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