First Tesla Model 3 car takes a bow

The Hamilton Spectator - - BUSINESS - WASH­ING­TON —

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.

Newspapers in English

Newspapers from Canada

© PressReader. All rights reserved.