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

Mr. Musk said, that despite the last few months being "quite excruciating" he feels "very good about things right now", the company has guided for Model X production to take off in late March to about a 1000 units a week.

Electric vehicle maker Tesla has set a date for the Model 3 event. A signature Model X costs around $130,000.

Tesla CEO Elon Musk confirmed that the Model 3 will be unveiled by the end of next month, although he didn't specifically say that would happen March 31, as some reports have assumed. Musk believes that the mass-market auto will appeal to more buyers.

With the Model 3 in full production by first quarter 2018 and a new high-performance Roadster in development and possibly ready for production later in 2018, Tesla may be on track to fulfill Musk's promise to deliver 500,000 vehicles and start making money by 2020.

The Model 3 will be a sedan, like the Model S that's already on the road, but the company has kept the design under wraps . The Model 3 is for mass market purposes and the Giga factory is specially established for that goal. Helping drive down the cost from the Model S is the fact that the 3 will be approximately 20% smaller and some standard features on the S might be optional.

There aren't any fundamental issues with the Model X, Musk said.

Customers will have to wait a while since deliveries aren't expected to begin before early 2017 so they are going to have ample time after putting down the initial deposit to consider whether or not they're fully ready to make a complete shift to an electric auto. He said the company added too many new features at once to the X.

"Our default plan as we've done in the past is that the initial sales are relatively highly-optioned versions of the vehicle, because we've got to pay back the investment of the tooling and everything, so it makes sense to have the higher optioned versions first", he explained.

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