Tesla says new Model 3 pre-orders will ship in mid-2018

Tesla updated delivery information for new pre-orders of its Model 3, and it's a long way off. Customers who already pre-ordered Tesla's 'budget' sedan could see deliveries beginning in late 2017.

(Image: CNET/CBS Interactive)

Tesla said on Tuesday said buyers who placed new pre-orders for its Model 3 sedan will have to wait until mid-2018 for deliveries of the all-electric car.

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"Production begins late 2017. Delivery estimate for new reservations is mid-2018 or later," said Tesla on its website Tuesday.

Customers who previously reserved a Model 3 could see it delivered in late 2017.

Investors initially reacted with panic to the website update, believing the new timeline indicated a stall in production plans.

"Today's website update doesn't reflect any change in our plans," Tesla said in a statement to Bloomberg. "We still plan to begin Model 3 deliveries in late 2017, and we adjusted the date on our marketing page to reflect more accurate timing for new/future reservation holders."

The Tesla Model 3 does 0 to 60mph in less than six seconds and will have a range of at least 215 miles. So far, Tesla has showed its base Model 3, but it said new features could come to pricier versions of the Model 3 in the future, adding more technology and bigger battery packs for extended range.

Tesla CEO Elon Musk teased the all-electric car maker's plans to unveil a new product on Wednesday.