Boise, Idaho, February 16, 2021 – Tesla Motors Inc. (NASDAQ:TSLA) today announced the introduction of the Model 3, the company’s first fully-electric vehicle with an advertised price of $37,500.
The car’s estimated production cost, estimated to be $51,500, is based on a vehicle that was previously delivered to Tesla customers in early 2019.
The Model 3 is a unique car in that it has a removable roof, a rear trunk, and a roof rack that opens onto the driver’s seat, allowing the car to be driven for a fraction of the cost of other vehicles.
The removable roof and rear trunk are not removable, and customers will be able to bring the Model S and Model X back to the dealership with the Model3.
The company has also designed the car with the same materials and features as its Model S, including a battery pack and a solar panel.
The battery pack will be charged by an array of solar panels, which will be available at a special discount on the Tesla Motors website.
In addition to the $37-per-vehicle price, Tesla has made a second-time-order bonus offer of $50 for customers who pre-order the Model III.
Model 3 sales have grown substantially in recent years, increasing from 5,000 vehicles in 2020 to more than 26,000 cars today.
Tesla Motors CEO Elon Musk stated that the car was designed to compete with the BMW M5, Mercedes-Benz SL and Audi Q5, all of which are offered in the U.S. at a cost of around $70,000.
Musk explained that Tesla is targeting the price point of the model at $36,000, the level of the BMW, Mercedes, SL and Q5.
The BMW M6 and Mercedes-Luxury M6E will also be offered in 2019.
The Model 3 has a range of 265 miles (400 kilometers), but it will have an MSRP of $35,000 when it goes on sale in early 2020.
For more on Tesla, check out Ars Technic’s full coverage of the company.