First Tesla Model 3 car takes a bow

Electric automaker Tesla has produced its first Model 3 sedan, a highly anticipated car because it carries a relatively low sticker price.

CEO Elon Musk late Saturday tweeted pictures of the car, which will cost $35,000 US and can travel 345 kilometres on a single electric charge.

A $7,500 US federal tax credit for electric vehicles would lower the cost to $27,500 US.

The new model comes after a bad week for Tesla’s stock price.

Shares fell roughly 14 per cent after Musk tweeted that deliveries of the company’s other two models — the Model S sedan and Model X SUV — were at the low-end of the company’s projections in the first half of this year.

Musk also said the company would make 20,000 Model 3s in December, below previous estimates.

Musk also has said the Palo Alto, Calif.-based company will hold a party to hand over the first 30 Model 3s to customers on July 28.