On March 31, 2016, Elon Musk officially introduced the Tesla Model 3 all-electric car to the world. The complete unveiling can be viewed in the video above.
The Tesla Model 3 is a four-door premium sedan — the third car to be released following the Roadster and Model S luxury sedan. Musk proclaimed Model 3 will be the best car for $35,000 you will be able to buy in late-2017. Pre-orders started on March 31, 2016 for $1,000 (USD), and in less than 3 days 276,000 Model 3’s have been ordered.
276k Model 3 orders by end of Sat
— Elon Musk (@elonmusk) April 3, 2016
The company claims it will be able to produce 500,000 Model 3’s (most likely by 2020), but that means over half of production is already spoken for. So if you haven’t ordered one yet, it will likely be a long 2-3 year wait. However, even if you have pre-ordered, most probably won’t see delivery until sometime in 2018 or later, because Tesla just won’t be able to make them fast enough. It will literally take a Gigafactory, and Tesla is building just that.
A Model 3 order gives you priority in your geography, so, even tho total count is high, ordering early will make a big difference locally.
— Elon Musk (@elonmusk) April 3, 2016
Tesla says, “Model 3 production is scheduled to begin in late 2017. When production begins, we will begin deliveries in North America starting on the West Coast, moving east. As we continue to ramp production, we will begin deliveries in Europe, APAC and right-hand drive markets. It is not possible to ship to all regions simultaneously because regulators in each part of the world have slightly different production requirements. Staggering deliveries in this way also allows us to provide the best possible customer experience.”
Tesla Model 3 Highlights:
- 215 miles range per charge
- 0-60 mph in under 6 seconds
- Seating for 5 adults, comfortably
- Front and Rear Trunks
- Glass Roof
- 5-Star Safety Rating in all categories
- Large center touchscreen display
- Supercharging Capable
- 20% smaller than Model S
- 2WD Standard, 4WD Optional
- Autopilot Safety Features Optional
Model 3 orders at 180,000 in 24 hours. Selling price w avg option mix prob $42k, so ~$7.5B in a day. Future of electric cars looking bright!
— Elon Musk (@elonmusk) April 1, 2016
Although the base price is $35,000, the average order price was $42,000 according to another Tweet from Musk. So, does that mean the Model 3 could cost $50K+ with all the options, or is everyone ordering with $7,000 of options? Or is Musk using fuzzy math by adding the expected $7,500 tax credit into the price? One would expect options priced similar to Model S, which could add $16,500 if priced the same?
- $5,000 for All-Wheel Drive (AWD)
- $3,000 for Premium Interior and Lighting
- $2,500 for Autopilot
- $2,500 for Smart Air Suspension
- $2,500 for Ultra High Fidelity Sound
- $1,000 for Subzero Weather Package
If Tesla can hit all of its delivery targets, the Model 3 has the potential to be a phenomenal success. But for now, everyone is buying on the hope Tesla can deliver what it has promised.
