USA orders pour in for lower-priced electric vehicle

At the unveiling, Tesla CEO Elon Musk claimed the vehicle will cost $35,000, a sharp decrease from the current Tesla Model S, which typically sells for twice that price. In Model 3, there is a huge screen on the center console like other models by Tesla Motors, thought slightly smaller than Model X or S. Experts expect different versions of the electric sedan, some fancier and more expensive than others. Musk said it will accelerate from zero to 60 in less than 6 seconds.

With the Tesla 3, Musk hopes to turn his once-niche Palo Alto-based automaker into a Ford- or GM-sized giant.

RBC analyst Joseph Spak said Tesla may not be able to fulfill numerous early orders before 2019: "Demand was never really our concern, it is more about execution and getting production up to meet demand". If all of these cars are delivered by 2019, it would put Tesla well on its way to hitting its goal of 500,000 by 2020. "It was only possible to do after going through the prior steps".

"I do feel fairly confident it will be next year", Musk said late Thursday of the Model 3's delivery date at a splashy unveiling in California, provoking chuckles from the audience.

The Model 3 is said to seat five adults comfortably with interior cabin space that no rival can match, due to making use of the space usually taken up by a conventional powertrain.

Tesla Motors, Inc. designs, develops, manufactures, and sells electric vehicles and stationary energy storage products in the United States, China, Norway, and internationally. In the USA, they still make up less than 1 percent of annual sales.

Electric auto maker Tesla has unveiled its newest model - its lowest-priced vehicle so far. Either way, the Model 3 is already changing the industry, spurring competitors to speed development of electric cars.

But it will face stiff competition from new offering by General Motors with its latest Chevy Bolt and from Nissan which is updating the Leaf. "You can just tell it's a superior disruptive technology", Danley said. "You felt like the lifestyle was attainable in his talk", she said.

Source: USA orders pour in for lower-priced electric vehicle