Tesla’s Model 3 is highly awaited as it will be the first mass market car from the company. However, it looks like the wait will be a bit longer than previously expected. On Wednesday, Tesla CEO Elon Musk tweeted that the company will start producing the Model 3 in about two years.
Tesla Model X just $5k more than Model S
Explaining the timing, Musk said the production is dependent on the gigafactory, its battery manufacturing plant in Nevada. “Model 3, our smaller and lower cost sedan will start production in about 2 years. Fully operational Gigafactory needed,” Musk tweeted.
Tesla’s CEO later tweeted that the company will unveil the car in March and start taking orders for the car that will cost $35,000. Though not said specifically, it is understood that he tried telling prospective buyers to wait until next year to preorder the car. The company is adopting the same approach for unveiling and accepting preorders for the Model 3 as it did for the Model S and Model X.
Presently, Tesla’s focus is on the launch of its Model X SUV. On Wednesday, Musk tweeted that the “First production cars will be handed over on Sept 29 at our Fremont factory.” Clarifying the confusion regarding the Model X’s pricing, Musk said, “With same options, Model X is $5k more than an S due to greater size & body complexity. Sig Series is fully loaded, hence high price.” The high-end Signature Series is referred to as “Sig” by the company. The starting price for the Model X Signature series will be $132,000.
Model 3 half the price of Model S
Tesla’s Model S gained huge popularity among consumers, but it is priced high at $71,000, making it out of reach of many interested buyers. Since the Model 3 has been priced at half the price of Model S, it can be expected that the vehicle will sell in huge numbers as more of the general public will be able to afford it. As the car is smaller in size, it won’t be able to carry as many batteries as the Model S. As a result, the range can be expected to be somewhere around 200 miles.
The Chevrolet Bolt, a concept electric car unveiled this year at the Detroit Auto Show, can give tough competition to the Model 3 because of its timing. Chevrolet has confirmed that it is already working on the production version of the Bolt, which will be priced at $30,000 and offer a 200-mile range.