The company is now referring to the current pre-production prototypes as "release candidates."

Tesla CEO Elon Musk has attempted to assuage investor fears that the Model 3 will not enter production on schedule.

The company was recently building apparently early "beta prototypes" just months ahead of the July launch target. Speaking to investors yesterday in a conference call cited by Electrek, Musk allegedly claimed the current prototypes are now considered "release candidates."

Importantly, the executive reportedly clarified that the current prototypes are being assembled "almost entirely" with production tooling. Teams are working at "tightening the variance of parts" to improve fit and finish, which could help avoid the need to hand-tweak the cars after they've already rolled off the assembly line.

The automaker is planning to raise more than $1 billion in capital to help bring the car to market. Musk is said to have claimed the extra cash will be enough to ramp the car to "reasonable production levels."

The company is aiming to produce 5,000 Model S sedans each week by the end of the year.