Tesla Model 3 draws lines to dealerships before unveiling

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The Times reports that the “small gesture of appreciation” Tesla CEO Elon Musk promised customers is a free cup of coffee, and that Musk has also tweeted that tonight’s unveiling of the Model 3 in Los Angeles is just part one of the ceremonies, and a part two will take place closer to production.As David E. Weekly puts it: “Brand power: thousand+ people lined up to put a deposit down ON A CAR THEY KNOW NOTHING ABOUT other than that it is made by Tesla“.High expectations ahead of the unveiling have restored Tesla’s shares to around the $230-mark, recovering from a year low of $141.05 in February after analysts cut price targets and revenue expectations. Tesla plans to unveil its Model 3 electric vehicle Thursday night at its Los Ang… Tesla said it will be able to start delivering Model 3s to customers in 2017. The main thing keeping Tesla from producing a lot of cars (they want to make 500,000 a year by 2020) is that they can’t build enough batteries. It’s scheduled to go on sale at the end of 2017. It also has Tesla’s suite of semi-autonomous driving features, including automatic lane changing and lane keeping.The promise of an affordable electric auto from Tesla Motors had hundreds of people lining up to reserve one. You can livestream it on Tesla’s website hereThe Model 3 is set to start at around $35,000 for a base model, although it’s unclear exactly how functional the vehicle will be at that price point.Long lines, reminiscent of the crowds at Apple stores for early models of the iPhone, were reported from Hong Kong to Austin, Texas, to Washington, according to Bloomberg News. The Model 3 puts Tesla within reach of millions more customers.According to Electrek, a source confirmed that there would be several versions of the Model 3. Tesla says the scale of the factory will lower the cost of its battery packs by 30 percent.Current rumors have the new sedan costing around $35,000, available for preorder with a $1,000 reservation, and running about 200 miles between charges.