Because of Tesla Motors's promised for an affordable electric car, hundreds of people lining up to reserve one.
Tesla planned to unveil its Model 3 last 31 March night at its Los Angeles design studio. It will not go on sale until late 2017, but potential buyers could reserve one with a US$ 1,000 deposit at Tesla stores.
Long lines, reminiscent of the crowds at Apple stores for early models of the iPhone, were reported from Hong Kong to Austin, Texas, to Washington.
At a starting price of US$ 35,000 — before federal and state government incentives — the Model 3 is less than half the cost of Tesla’s previous models. The car is expected to have a range of at least 200 miles when fully charged, about double what drivers get from competitors in its price range, such as the Nissan Leaf and BMW i3.
The Model 3 is the most serious test yet of 13-year-old Tesla's ability to go from a niche player to a full-fledged automaker. It could be the car that finally makes electrics mainstream — or customers could be scared off by Tesla's limited number of stores, chargers and service centers. Either way, the Model 3 is already changing the industry, spurring competitors to speed development of electric cars and improve their battery range.
Tesla didn’t release details about the car before the event.
Right now, Tesla sells two vehicles: The Model S sedan, which starts at US$ 71,000, and the Model X SUV, which starts around US$ 80,000. But a lower-priced car has been a longtime goal of Tesla CEO Elon Musk. In a 2006 blog post, Musk said Tesla planned to build "a wide range of models, including affordable priced family cars" in order to speed the world toward a solar-powered future.
The Model 3 puts Tesla within reach of millions more customers. Last year, only 2.1 percent of new cars purchased in the U.S. cost US$ 75,000 or more, but 35 percent — or 5.5 million — cost US$ 35,000 or more, according to TrueCar. The Model 3 is a critical part of the money-losing automaker's plan to increase sales from around 85,000 this year to 500,000 by 2020.
Tesla planned to unveil its Model 3 last 31 March night at its Los Angeles design studio. It will not go on sale until late 2017, but potential buyers could reserve one with a US$ 1,000 deposit at Tesla stores.
Long lines, reminiscent of the crowds at Apple stores for early models of the iPhone, were reported from Hong Kong to Austin, Texas, to Washington.
At a starting price of US$ 35,000 — before federal and state government incentives — the Model 3 is less than half the cost of Tesla’s previous models. The car is expected to have a range of at least 200 miles when fully charged, about double what drivers get from competitors in its price range, such as the Nissan Leaf and BMW i3.
The Model 3 is the most serious test yet of 13-year-old Tesla's ability to go from a niche player to a full-fledged automaker. It could be the car that finally makes electrics mainstream — or customers could be scared off by Tesla's limited number of stores, chargers and service centers. Either way, the Model 3 is already changing the industry, spurring competitors to speed development of electric cars and improve their battery range.
Tesla didn’t release details about the car before the event.
Right now, Tesla sells two vehicles: The Model S sedan, which starts at US$ 71,000, and the Model X SUV, which starts around US$ 80,000. But a lower-priced car has been a longtime goal of Tesla CEO Elon Musk. In a 2006 blog post, Musk said Tesla planned to build "a wide range of models, including affordable priced family cars" in order to speed the world toward a solar-powered future.
The Model 3 puts Tesla within reach of millions more customers. Last year, only 2.1 percent of new cars purchased in the U.S. cost US$ 75,000 or more, but 35 percent — or 5.5 million — cost US$ 35,000 or more, according to TrueCar. The Model 3 is a critical part of the money-losing automaker's plan to increase sales from around 85,000 this year to 500,000 by 2020.
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