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Model 3 Gives Musk an iPhone Moment and Big Test for Factories

  • 253,000 initial orders show demand for electric-car model
  • Stock's rise while other car companies slump may signal change
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Meet Tesla's Stunning New Model 3

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Tesla Motors Inc.’s Model 3 unveiling was its iPhone moment: More than 250,000 orders have been placed for the car, unseen by most of the would-be buyers, including thousands who stood in long lines or camped out overnight at stores. For billionaire Chief Executive Officer Elon Musk, who has aspirations of his electric-car company becoming as big as Apple Inc., it was a ringing endorsement.

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