Musk Unveils Tesla's $35,000 Model 3 in Push for Mass Market
- Battery-powered Model 3 will be rated about 215 miles range
- Tesla collects more than 115,000 orders within 24 hours
Meet Tesla's Stunning New Model 3
This article is for subscribers only.
Elon Musk revealed Tesla Motors Inc.’s Model 3, the sedan the electric-car maker is counting on to expand its customer base and reach sustainable profitability, late Thursday, capping a day in which fans lined up to reserve vehicles sight unseen at stores around the world. The shares jumped on Friday.
The $35,000 Model 3 will have a minimum 215 miles (346 kilometers) range, and Musk said he’s “fairly confident” deliveries will begin in 2017. Tesla received more than 115,000 reservations in 24 hours, Musk said on stage at the company’s Hawthorne, California, design studio. On Friday, Musk said in a tweet that orders had reached 180,000 after 24 hours, with an estimated value of about $7.5 billion.