Tesla Model 3: full pricing and specs revealed

Tesla Model 3: full pricing and specs revealed

Tesla Model 3: full pricing and specs revealed

Tonight, the first Tesla Model 3 sedans were delivered to owners at the company's factory in Fremont, California. In the standard edition Model 3, buyers can look forward to a decent mile range of 220 miles on a single charge combined with fast charging capabilities.

"Most of the good that Tesla will accomplish is by cutting a path through the jungle to show what can be done with electric cars", Musk said in January 2015 during an on-stage interview at the Detroit Auto Show. While it's certainly true that a Model 3 will be cheapest way to get into a brand-new Tesla, let's be clear that there will be practically zero Model 3s at its base starting price of $35,000.

Rear-wheel drive and dual-motor all-wheel drive versions would eventually be offered side-by-side, with a performance-oriented variant in the product plan, but more concrete details weren't forthcoming.

The Model 3 has always been part of Palo Alto, California-based Tesla's plans.

The costs contrast with that of previous Tesla models, the Roadster, Model S and Model X, which hovered around the $100,000 mark or more.

Until now, Tesla has operated as a niche producer of luxury electric vehicles, with a charismatic, showman CEO who regularly interacts with fans on his Twitter account. Musk said he hoped customers who submitted deposits Friday would receive their vehicles by the end of 2018. The new battery will also improve the car's acceleration from 5.6 seconds to 5.1 seconds. It's a make or break launch for Tesla, which was recently worth more than Ford on the USA stock market, despite never having turned a profit. For another $3,000, the Model 3 will be ready for "full self-driving capability", an option that will become available in the future and makes the vehicle "capable of conducting trips with no action required by the person in the driver's seat", the company said. A Tesla Model 3 with every option listed today will run to $59,500, plus the unspecified cost of all-wheel drive. But Musk was more specific on Friday night, when the company made its first deliveries of the new vehicle.

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PERFORMANCE: The base model goes from 0-60 miles per hour (96.5 kph) in 5.6 seconds and has a top speed of 130 mph (209 kph).

We'll be taking a spin with the new Model 3 as soon as Elon Musk finishes his remarks so stay tuned!

Still, Tesla's engineers and designers worked together to strip out unnecessary parts and to simplify production. In order to create enough batteries to meet the new demand for the Model 3, and the continued demand for the Model S and X, Tesla expects to build at least three more battery factories. There is no need of keys to enter the auto.

The over half a million reservations worldwide are up from about 373,000 disclosed in April 2016.

And with the arrival of the Model 3, which secured an estimated 500,000 pre-orders, the pressure is now mounting on the traditional automakers to quicken the pace in bringing their electric cars to market.

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