Tesla CEO Elon Musk announced that the release of the Tesla Model 3 will be just as scheduled this coming 2017. Meanwhile, Tesla has taken early orders for the Model 3 to hold buyers in support of Tesla.

There have been talks recently that Tesla needed more funding to push the Model 3 into production. But according to Reuters, Tesla has reduced the costs of the high volume production of the Model 3 sedan and did not need to raise any funding for its production.

The only reason that Tesla would need funding is to "account for uncertainty" and to "de-risk the business," according to Musk. But Tesla has already gotten hold of investors this year to fund investments into the Model 3's machinery and product development.

Tesla will be launching the high-volume Model 3 during the second half of 2017. According to Tesla, the Model 3 has the capacity of 215 miles per charge with a beginning price of $35,000, which is only half of the current Model S in the market. The new Model is expected to achieve the highest safety standards in every category of the vehicle.

Forbes reports that Tesla is planning to produce 100,000 to 200,000 models for the new Model 3 by the latter half of 2017 all the way to 2020 with a total of 500,000 models. This only proves that Tesla is confident that they will be able to reach this high target, since they already have an initial of 373,000 orders.

One of the possible reasons that Tesla is taking high-volume orders of the Model 3 — which is only currently in production — is to keep electronic car buyers from considering other brands. This way, he made the upcoming advanced Model 3 available for buyers to have, locking them into buying the Tesla Model 3 instead of looking for a different brand.

The Tesla Model 3 will be launched by the second half of 2017.