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Tesla CEO Elon Musk unveils high-performance Model 3 for $78000

22 May 2018

Tesla calls its Model 3 a "mass market" vehicle, but Elon Musk compared it to a $66,000 BMW.

Musk had driven shares in the electric carmaker higher with a weekend twitter discussion which argued the company should focus more initially on delivering higher-priced fully-loaded editions of the Model 3 sedan. Still, they run about $30,000 to $45,000 less than a comparably equipped Model S.

As for a normal dual motor, all-wheel-drive option, that will cost $5,000, Musk said. When we report our results next week, it likely won't reflect Tesla's actual order bank for those reasons. That means that if one motor fails, he explained, the other will "ensure you make it to your destination & don't get stuck on side of road in potentially unsafe conditions".

The mercurial chief executive said over the weekend that the new "Performance" Model 3 is available for pre-order, and by proceeding with the souped-up version, the company can better figure out how to deliver on the promise of the mass-market Model 3.

The magazine, which provides an annual rating of vehicles sold in the United States, said even though its tests found plenty to like about the Model 3 and it was a thrill to drive, it had "big flaws".

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Although the idea it will best the M3 on track is one we can't wait to see Musk attempt to prove. Mr. Musk said on Twitter that the auto could accelerate to 60 miles per hour in 3.5 seconds, had a top speed of 155 m.p.h. and could go 310 miles on a single battery charge. This dual motor option will add $5,000 to the $44,000 base price of cars with the long range battery pack, which are the only ones offered today. "Need 3 to 6 months after 5k/wk to ship $35k Tesla & live", Musk tweeted.

The luxury pricing, which could be as much as $78,000, or more than double the base price Telsa has been touting, could help the electric-car maker shore up its margins enough to become profitable - something Musk has said will happen this year.

The Model 3 is Tesla's first mass-market vehicle and was created to broaden the company's customer base beyond the luxury segment.

"From production bottlenecks to quality issues, consensus has largely dismissed the prospect of 25% gross margin on the Model 3", Haissl told clients.

Tesla CEO Elon Musk unveils high-performance Model 3 for $78000