The range of a $44,000 version of Tesla’s Model 3, unveiled in its final form Friday night, is 310 miles, according to Bloomberg. It’s a new benchmark for cheap range in an electric car, and it’s just one of several surprises Tesla had in store as it handed over the keys to its first 30 customers.
Tesla has taken in more than 500,000 deposits at $1,000 a piece, CEO Elon Musk told reporters ahead of the event. This has created a daunting backlog that could take more than a year to fulfill, and that was before Musk took the stage in front of thousands of employees, owners, and reservation-holders to lift the curtain on the company’s most monumental achievement yet. “We finally have a great, affordable, electric car, that’s what this day means,“ Musk said. “I’m really confident this will be the best car in this price range, hands down. Judge for yourself.“
Only one other electric car in the world has broken the 300-mile range barrier: the most expensive versions of Tesla’s Model S, an ultra-luxury car that costs $97,500 or more. The new Model 3 has cheaper range availability than the current record holder, the $37,500 Chevy Bolt, which is outclassed in nearly every way by the Model 3.
The $35,000 standard Model 3 version won’t be available until Fall. The longer-range version is available now for the thousands of Tesla employees who placed reservations last year. A $5,000 premium options package includes an all-glass roof, open-pore wood decor, premium sound, heated seats, and premium seat materials.
Unlike previous cars, Tesla wouldn’t disclose the size of its two battery packs. All cars will be identical from the outside, with no additional badging indicating battery size or premium options. The plan is for the Model S and X to eventually do the same.
Musk reiterated his projections of a very slow start in the next few months and then increasing rapidly to a rate of 20,000 a month by the end of the year, and 50,000 a month by the end of 2018. It’s an aggressive schedule that will more than double Tesla’s total production rate in six months, and then quintuple it by the end of next year.
The key challenge, of course, is making all of these cars quickly enough and without the problems that plagued the launch of its more complicated Model X. Tesla aims to make 500,000 cars a year and is counting on its battery factory under construction near Reno, Nevada, to drive down battery costs. Both the Gigafactory and the Fremont factory have showers, and some employees have sleeping bags, in anticipation of the long nights ahead.
If the Model 3 is successful, it would signal the completion of the Master Plan and a new era of electrification for the auto industry. “This is a great day for Tesla,“ Musk said. “It’s something that we’ve been working for since the beginning of the company.“
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