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Tesla Model 3 prices, features, details, specifications from Handover Party

Tesla Model 3 prices, features, details, specifications from Handover Party

Tesla Motors Inc. unveiled its $35,000 Model 3 sedan and delivered 30 of the vehicles to employees on Friday night.

Tesla Model 3 is a major step for the California-based company, and will be priced around 35,000 us dollars each. Pacific (11 p.m. Eastern), Elon Musk showcased the final reveal of the Tesla Model 3. As Bloomberg notes, Musk has hinted that some of the most exciting self-driving features, like automatic lane changing, would be available around the time that the Model 3 was ready for launch (aka now).

Musk himself has encouraged the hype around the vehicle, saying that previous Tesla models, the S and the X, were ultimately aimed at funding the Model 3. At $35,000 for the base model, the Model 3 is significantly cheaper than the Model S or the Model X, both of which were priced in the vicinity of $80,000 and $140,000 respectively. The company has also made it clear that Tesla Model 3 is neither a sports auto nor is a luxury saloon like earlier models. Deliveries of the more expensive sedan will start first, with those of the base vehicle beginning in the fall. He has high expectations and hopes Tesla can deliver. Tesla said the Model 3's standard battery provides a 220-mile range. The first production of vehicles will also only have single-motor, rear-wheel-drive instead of dual-motor, all-wheel-drive, as well as a more expensive battery pack with a less expensive pack to follow. The Model 3 features a seamless wood-panelled dashboard without any instrument - except for a large centrally-mounted touch-screen. "We're going to go through at least six months of manufacturing hell", Musk told journalists.

Tesla faces major hurdles living up to the Model 3 hype. Perhaps not. Hours before the unveiling, Musk said Tesla will face some difficulties building the vehicle this early in the production cycle. However, even with those sorts of production numbers, it'll still take almost two years to deliver Model 3s to all 400,000 people who've laid down $1,000 deposits since the program launched last March.

Choosing any color other than black raises the Model 3's price by a grand. A long-range version will have a price tag of $44,000, offering a range of 310 miles.

Sam Abuelsamid, a senior researcher with Navigant Research, said even if it doesn't meet its ambitious targets, Tesla has done more than anyone to promote electric vehicles. The simpler Model 3s will be produced first, with AWD Model 3s starting in early 2018.

And with the arrival of the Model 3, which secured an estimated 500,000 pre-orders, the pressure is now mounting on the traditional automakers to quicken the pace in bringing their electric cars to market.

Finally, forget about needing a key fob to start your auto. "A year from now, if he hits the goal and is selling half-a-million cars to overwhelmingly satisfied customers, even the skeptics might dub him Iron Man".

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