Tesla will unveil its $35,000 Model 3 on March 31st
Tesla has long promised a $35,000 electric car is on the way, and in today’s earnings release (PDF) it announced that we’ll get to see the Model 3 on March 31st, ahead of it going on sale in “late 2017.” That’s in addition to the currently shipping Model S sedan (shown above) and Model X SUV, and the company recently confirmed it still expects to hit that $35k price target before applying electric vehicle incentives. Also, its battery building gigafactory — key to achieving that mass market price for the Model 3 — is up and running in Nevada, with Powerwall units produced there already in use by customers.
The letter also takes aim at recent news regarding reliability for Tesla’s automobiles, saying that the “cost of first year repair claims on cars produced in 2015” was half that of 2014, and one quarter of what it saw in 2012. Hopefully that means things are trending the right way as it cranks up production. Tesla built more cars in Q4 than it ever had before, with 14,037 EVs rolling out, and it’s expecting to reach 1,000 Model Xs built every week during Q2.
Developing….
Source: Tesla Earnings (PDF)
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