DETROIT (WWJ) – Electric car maker Tesla announced today its much-ballyhooed Model 3 car for the masses will go on sale on Friday.
CEO Elon Musk made the announcement Monday on Twitter. The car is to start around $35,000, and with a $7,500 federal electric car tax credit, could cost $27,500.
Tesla already has hundreds of thousands of advanced deposits for the vehicle.
“A lot of people believe the Tesla Model 3 could be the tipping point for electric cars where they no longer just appeal to (electric vehicle) enthusiasts but go out to the masses,” WWJ Automotive Analyst John McElroy said. “The reason people are saying this is because Tesla got hundreds of thousands of deposits for this car, something we’ve never seen with any other electric.”
Tesla says the five-seat car will be able to go 215 miles on a single charge and will be sporty, accelerating from zero to 60 miles per hour in under six seconds.
Musk had said that production was on track to start in July but Tesla has often faced delays in getting vehicles to market.
McElroy believes this is a possible make or break vehicle for Tesla.
“They lose a horrific amount of money and yet they are valued more than just about every car company in the world,” McElroy said. “What they are doing technically with their cars is way beyond what anybody in the industry is doing. It’s really interesting.
“My own personal belief is it’s going to take another two years for us to know if this company is really going to fly. That’s why there’s a lot riding on the Model 3.”