Tesla unveiled its affordable Model 3 electric car yesterday.
Unless you tuned into the event’s livestream or lined up 10 hours in advance to reserve one, you probably have a few questions about what exactly makes the Model 3 so special.
Here are the main takeaways from Elon Musk’s presentation last night…
The car is still more than a year away from production.
Musk says he is “fairly confident” that deliveries will begin by the end of 2017.
More than 135,000 people have ordered the car already.
Customers were required to deposit a $1000 down payment for a reservation.
It will come with a starting price of $35,000.
Tesla’s main rival, the Chevrolet Bolt, will come in at around $30,000 after tax incentives and will be available over a full year earlier.
It boasts a 350-kilometre range on a single charge.
Musk says that distance is likely to increase by the time production begins.
It’s very roomy.
The Model 3 can comfortably – emphasis by Musk – fit five adults and comes with plenty of cargo space – enough to fit a seven-foot surfboard.
The base car will do 0-60 mph in less than 6 seconds.
The Model 3 represents the final stage of Musk’s three-year master plan, which he first laid out 10 years ago:
Build sports car – The Tesla Roadster
Use that money to build an affordable car – The Model S
Use that money to build an even more affordable car – The Model 3
Elon Musk even thanked Model S and Model X purchasers for funding the development of the car.
There’s certainly pressure for the Model 3 to do well – Tesla has been leaking cash and its survival hinges on the success of this vehicle. Musk expects the company to finally turn a positive cash flow this month.