Tesla Inc's website showed on Thursday that the electric vehicle maker will...
FILE PHOTO: A Tesla Model 3 sedan, its first car aimed at the mass market, is displayed during its launch in Hawthorne, California, U.S. March 31, 2016. REUTERS/Joe White/File Photo
The Model 3, when first shown off by Chief Executive Elon Musk in March 2016, was promised to be a $35,000 car - before incentives - to appeal to the mass market. But Tesla had never managed to sell the car at that price. Musk said last month he hoped the lowest price version would be available in mid-2019.
A $35,000 Model 3 is a major shot in the arm for Tesla during a period of major challenges for the Silicon Valley company and could put to rest concerns among some analysts that demand for Tesla’s vehicles might be constrained in 2019. Besides the Model 3, Tesla is developing a new Model Y SUV for 2020 production, while beginning to build a factory in Shanghai.
The news comes three days after renewed tensions between Musk and U.S. Securities and Exchange Commission. The agency petitioned a judge this week to have Tesla’s CEO found in contempt of an October settlement between the parties. The SEC accuses Musk of having made material statements about production levels on Twitter without first having them vetted internally.
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