Economy

Tesla delivers first lower-cost Model 3 cars

Tesla delivers first lower-cost Model 3 cars”

The jubilant event on Friday night marked the culmination of a long journey to deliver an affordable electric vehicle, reports CNN.

Now with the Model 3, which starts at $35,000, Tesla is releasing a vehicle that could truly move the needle on electric auto adoption, according to Tesla founder and CEO Elon Musk.

But carmaking has proved a challenge to Tesla CEO Elon Musk.

Limits on the $7,500 USA tax credit for electric cars could also hurt demand.

"Even if you buy no options at all, this will still be an awesome vehicle", Musk said. The cars feature a streamlined dashboard devoid of buttons or knobs, with a 15-inch touchstream display to the right of the driver.

For Tesla, everything is riding on the Model 3. The 500,000 vehicles Tesla vows to produce next year are almost six times its 2016 production.

Were Tesla to produce and sell 500,000 cars per year, the company would likely outsell the BMW, Mercedes, or Lexus brands in the United States. The compact Model 3 may not entice a global market that's increasingly shifting to SUVs, including all-electric SUVs from Audi and others that are going on sale soon. It's the most affordable vehicle in Tesla's line, which includes the $76,000 Tesla S and $90,000 Tesla X. The base version of the Model 3 can go from 0-100 kilometers per hour in less than six seconds.

Tesla has burned through over $2 billion in cash so far this year ahead of the launch.

Tesla Model 3 comes with an Automatic Emergency Braking and Collision Avoidance system which uses eight cameras, forward radar and twelve ultrasonic sensors to predetermine whether an accident is imminent. But the high price of $100,000 made it available to few only as all people can't afford expensive cars.

The electric auto company's newest vehicle debuted Friday. Tesla has already sold more than 126,000 vehicles since 2008, according to estimates by WardsAuto.



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