Tesla shutting stores to deliver a US$35k Model 3

Elon Musk Moves Tesla Shares With Cryptic Tweeting About News To Come

Elon Musk Moves Tesla Shares With Cryptic Tweeting About News To Come

Tesla has fulfilled its long awaited promise to start selling a $35,000 vehicle, as it announced it would be closing stores and moving all sales online. The base Model 3 has a range of 354km.

Although he said he didn't know for certain, Musk predicted there's enough pent-up demand to sell about 500,000 Model 3s annually at the starting price of $35,000.

"This is something we've been working on since we created the company, from the beginning this has been the goal", said chief executive Elon Musk. Because of the moves, it will lose money in the first quarter and "likely" be profitable in the second, he said.

That means job losses.

While demand for the Model 3 was never an issue, numerous folks with outstanding reservations were hoping to get their hands on a $35,000 model.

More than 400,000 customers signed up for the vehicle when it was first announced, but production issues, higher prices and other delays caused troubles following its launch.

Tesla has finally launched the $35,000 Model 3.

Tesla introduced the Model 3 in 2017 as a more affordable way for consumers to purchase its electric cars. The tweet said simply "2 pm" and was followed by another one that said "California", with Musk possibly opting for the laconic way in a bid to avoid further attention from SEC, which has made it perfectly clear it was not taking potentially price-moving tweets lightly.

The new sales strategy is a dramatic shift for the company that has prided itself on its boutique retail stores. At least, they don't make enough money for Tesla to keep them all open if it also wants to be able to afford to produce the $35,000 auto its investors (and many customers) have been desperately waiting for since it was announced way back in March 2016.

Previously, the lowest price for a Model 3 in Canada was $58,000, but it seems like Tesla has shaved a few thousand off that price for its new Standard Range Rear-Wheel Drive Model 3 offerings.

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It's been an eventful month for the wildly popular electric vehicle maker.

Here's a look at the bare bones Standard Model 3 specs.

Coupled with his SEC woes lingering overhead, Mr Musk hasn't exactly lost his investors' confidence, but he hasn't exactly filled them with it, either.

There's a press conference in the works, and we'll report on any developments as they happen.

The Model 3's new $35,000 version will have a 220-mile battery pack range.

Tesla's website said cars ordered now would be ready for delivery in two to four weeks.

Musk said last month that service and quality were two main priorities for the company.

Mr Musk said he was not anxious that a shift to online-only sales would put off customers.

The firm already has a much smaller physical presence in the United States than most vehicle companies, which work with dealerships.

The company also pledged to make test drives easier, allowing buyers to return a vehicle within seven days or 1,000 miles (1,600 kilometres) for a full refund.

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