Tesla’s Elon Musk announces new high-performance Model 3 for $78,000
Elon Musk announced details about a high-performance upgrade for Tesla Inc.’s Model 3 electric cars in a series of tweets Saturday night, including one version that more than doubles the sedan’s cost.
Musk announced two new versions of the Model 3, both with dual motors. The performance version will cost around $78,000 and will feature a top speed of 155 mph, and go from 0-60 in 3.5 seconds.
The Tesla chief executive compared the souped-up model to BMW’s high-performance M3, which starts around $67,000. “About same as BMW M3, but 15% quicker & with better handling. Will beat anything in its class on the track,” Musk tweeted.
The regular dual-motor version will have a top speed of 140 mph, and hit 0-60 in 4.5 seconds, adding $5,000 to the base price of $35,000. The Model 3 was intended to be Tesla’s first affordable, mass-market sedan.
The range of both all-wheel-drive, dual-motor versions will be the same as the current Model 3 — about 310 miles per charge. “Tesla AWD is dual motor, so you can fully drive the car even if one breaks,” Musk tweeted.
Deliveries will begin in July, Musk tweeted Sunday.
Musk also announced a new service program, in which Tesla owners can request service for their car via a mobile app. “No need to bring the car in yourself & zero paperwork,” Musk tweeted.
The Model 3 has been plagued by production delays, and last week a report said the car maker would shut down production again later this summer as it upgrades its production line to reach its goal of making 5,000 cars per week.
On Thursday, Goldman Sachs analysts said Tesla would need about $10.5 billion in fresh capital through 2020 in order to meet its own goals.
Tesla shares TSLA, -2.71% sank 2.7% Friday, and are down 11% this year, compared to the S&P 500’s SPX, -0.26% 1.5% gain.