The $35k Tesla Model 3 Is Finally On Sale

The $35k Tesla Model 3 Is Finally On Sale

The company based in Palo Alto, California, is slashing costs only a few months after paying half of a $40 million settlement of a case that the US Securities and Exchange Commission filed against Musk last September after he tweeted that he had lined up financing for a potential buyout for the company.

Musk said the standard Model 3 was "an incredible car", citing a top speed of 130mph and a 0-60mph time of 5.6s. In some states where Tesla has showrooms, such as Texas, final sales contracts are executed online as out-of-state transactions to skirt prohibitions.

The online sales shift will enable Tesla to lower all vehicle prices by 6%, on average, including its higher-end Model S and Model X. Customers can now buy a Tesla in North America via their phone in about 1 minute, and that capability will soon be extended worldwide.

Tesla is shifting all of its sales from stores to the internet, saying the move is needed to cut costs so it can sell the mass-market Model 3 for a starting price of $35,000.

"Tesla's delivery outlook also implies another year of significant market share gain". Many Tesla buyers swear by their cars even after dealing with issues such as long waits after putting down cash deposits or between when they buy and get their cars. Tesla shares fell 7.8 percent, the biggest drop in six weeks, to close at $294.79 on Friday. The company says this is necessary to be able to sell the Model 3 for $35,000 and still remain a financially sustainable company. In addition to the announcement of the new low-priced Model 3, the company also stated that it would be dropping costs of Models S and X as well.

The company said that it will allow customers to return a auto within 7 days or 1,000 miles for a full refund, in lieu of a test drive prior to purchase due to the new online-only system.


The "Standard Range" model has 220 miles of range with a top speed of 130 mph and it goes 0-60 in 5.6 seconds.

As a result, Tesla's approach has led to hotly contested legal battles in numerous states where it runs or has tried to open sales galleries. Once there is greater infrastructure for electric vehicles, other customers will feel comfortable buying them, knowing that the infrastructure, like charging stations, is there to support their investment.

While questions about the company's ability to produce the Model 3 sedan in large numbers have generally subsided, the expiration of valuable US tax credits and price cuts have led to scrutiny of domestic demand even as Tesla seeks to boost foreign sales and start production in China.

Tesla Inc.'s Elon Musk is having a harder time keeping people employed than he bargained for eight months ago.

On a call with reporters, Musk called the lower price an achievement, but acknowledged "it's been insanely hard". The SEC alleged Musk misled investors after concluding he didn't have the money to pull off the deal.

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