Elon Musk has taken to Twitter to reveal that the first 12 months of Tesla Model 3 production is sold out.

The company's co-founder revealed the news in response to an article fromFortune Magazine stating that new Model 3 reservations won't arrive until mid-2018 at the earliest.

While an exact date for when production will commence has yet to be announced, Tesla's website says that production will begin in mid-2017 and that the first examples will reach customer hands in the second half of next year.

Back in May, Tesla confirmed that it had received 373,000 reservations for its upcoming entry-level model but no new figure has been announced since. In all likelihood, reservations now exceed the 400,000 mark.

When it hits the market, the Model 3 will be priced from $35,000 before any incentives are applied but could drop as low as $27,500 for customers who receive the full $7,500 tax credit. While the car has yet to be revealed in production-guise, Tesla announced at its unveiling that the model will have a range of at least 215 miles (346 km).

To prepare for the addition of the Model 3 to its lineup, Tesla built a huge, $5 billion factory in Nevada to produce batteries for its electric cars. Tesla has also bolstered its coffers. This year, it raised $1 billion through offerings of stock and debt. A Chinese internet giant, Tencent Holdings, acquired a 5 percent stake in the company.The company needs the extra capital because it continues to post losses in most quarters. In the first quarter of this year, Tesla lost $397 million, compared with a loss of $282 million in the period a year earlier, but its revenue more than doubled, to $2.7 billion.Even with the swoon in shares Monday, investor optimism about the Model 3 has pushed Tesla shares up about 65 percent this year. The company has a market value of $58 billion, about $4 billion more than G.M. and $12 billion more than Ford Motor.

One item sure to generate controversy is the complete lack of a radio. At present, the Tesla Model 3 has no FM radio (AM is completely unsupported), and no streaming of music through a phone or any other electronic device. The only way to play music in the Model 3, at least for now, is to use a third-party streaming service over the car's 4G internet connection. In the end, this won't be too big of an issue, as an over-the-air update is planned that will enable FM radio and bluetooth streaming, and it's thought to be coming very soon.

In the end, this won't be too big of an issue, as an over-the-air update is planned that will enable FM radio and bluetooth streaming, and it's thought to be coming very soon.

It's also interesting to see just how many critical functions the touchscreen is used to control. For instance, there are no manual air vent controls. Instead, a sub-menu has to be entered to change the direction and speed or air flow. The windshield wiper controls, too, can only be adjusted through the touchscreen. Everything from the climate controls to the audio volume is adjusted through this one large screen, though there are two buttons on the steering wheel that can be customized as the owner sees fit.