You Need $1000 To Reserve Tesla's Most Affordable Electric Car

The electric auto manufacturer recorded a quarterly non-GAAP net loss of $114 million or $0.87 per share, worse than the $0.16 loss per share expected by analysts.

As much as this may not be a price that will be too relevant to the United Kingdom, as without incentives and with the added VAT and import taxes, the new economical electric auto could be closer to £30,000 than 20, but it's still an exciting proposition when you consider the adoption rate of electric vehicles.

Analysts surveyed by Thomson Reuters pegged Tesla for a loss of one cent per share for the fourth quarter. "I think it will be well received, and then getting into production and delivery at the end of next year".

"More details on Model 3 unveil in coming weeks", Musk said on Twitter. He called the Model X the best vehicle on the market and said his regret about it is packing in so many features, instead of saving some of them and rolling them out later.

Elon Musk, Tesla's CEO said competition from other companies do not worry him.

Tesla's cash reserves dropped to $1.2 billion as of December 31 from $1.9 billion a year earlier, despite a sale of shares last summer. In a fourth-quarter shareholder's letter released Wednesday afternoon, Tesla revealed it plans to hold an unveiling for the vehicle on March 31. At $35,000, it's about half the price of its first two models, and the Model 3 could be Tesla's key to the mass market.

Tesla will also come up with a high optioned version, in the same way it has done for Model S sedan and Model X SUV. Musk has repeatedly commented on how the model numbers of the three cars will eventually spell out the word "S3X".

Deliveries of Model S sedans and Model X sports utility vehicles (SUVs) were 17,478 vehicles in the quarter, at the low end of previous forecasts.

The jump in 2016 is due to the fact that Tesla has increased its production capacity and expanded its network. For the full year, the company has projected a positive operating profit, against the consensus full year adjusted earnings estimate of $1.71 per share.

Source: You Need $1000 To Reserve Tesla's Most Affordable Electric Car