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The $35K Tesla Model 3 Is Finally Available

02 March, 2019, 05:11 | Author: Lawrence Cooper
  • Elon Musk Moves Tesla Shares With Cryptic Tweeting About News To Come

It also confirmed that to afford selling the new model at this price it would need to close most of its brick and mortar stores over the next few months.

Tesla will produce between 420,000 and 600,000 cars in 2019, Musk said on a call with reporters to discuss the arrival of Tesla's new $35,000 version of the Model 3 sedan, according to a report in Bloomberg.

To save money, Tesla will close many of its stores, but leave some open as galleries or "information centers" in high-traffic areas.

We are unsure as to how potential customers who are new to the brand, or EVs in general, will be able to try before they buy if online purchasing becomes the primary option.

"We will be closing some stores and that will be some reduction in head count as a result; there's no question about that", Musk said.

Although he said he did not know for certain, Musk predicted there is enough pent-up demand to sell about 500,000 Model 3s annually at the starting price of $35,000.

For existing Tesla customers, maintenance would shift to mobile fix crews. He said future Tesla cars could cost even less, but that's more than three years away. All other new-car sellers in the USA rely on independent dealerships to reach customers. As we have long argued, the bull case for Tesla often revolves around it being the next Apple, with the Model 3 as the iPhone... The company's shares were down about 3.6% after hours.

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Tesla announced on Thursday that it would be ceasing all retail sales of its vehicles in favor of moving to an online sales platform.

"Given that there was just a lot happening in Q1, and we're taking a lot of one-time charges and there are a lot of challenges getting cars to China and Europe, we do not expect to be profitable in Q1", Musk said.

Retailers from Amazon to Apple to traditional automakers have trumpeted the benefits of physical stores, and Apple and automakers also rely heavily on advertising, which Tesla has eschewed, making the electric carmaker an outlier in its dependence on the web.

Tesla said customers who were not satisfied with an online purchase could choose to return a auto within 7 days or 1,000 miles for a full refund. Previous year in Q3, the company registered its first profitable quarter and passed BMW in valuation.

"Quite literally, you could buy a Tesla, drive several hundred miles for a weekend road trip with friends and then return it for free", the company said, adding that it is confident people will like the vehicle enough to keep it.

Specs for the Standard Range, priced from US$35,000 ($49,000) before US Government incentives, still make the cheapest Tesla a relatively premium proposition. Panoramic sunroofs are standard, as is all of the hardware necessary for Tesla's Autopilot and Full-Self Driving Capability features, which can be activated at the time of purchase for $3,000 and $5,000, respectively. Earlier this week, the SEC demanded Musk be held in contempt of court for a tweet about Tesla production numbers the watchdog deemed misleading.

The arrival of the US$35,000 Model 3 had been largely anticipated - although it came months earlier than expected - but news that Tesla planned to dismantle its network of stores, a hallmark of its upscale sales strategy, caught many off-guard.

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