Elon Musk took to microblogging site, Twitter, a few days ago to tell the world that the car will be priced at approximately US$42,000 for models with additional or optional features. This will give the initial retail orders for the car a retail value of a whopping US$10.6 bn, show estimates. The much-awaited car is slated to enter the production stage in the second half of 2017.
There has been an intense interest in what the electric vehicle will entail once it hits the road. The clever marketing strategy of the company has been propped up by a slew of regular tweets from Musk. This will likely bode well for the long-term stock prices of Tesla.
After nearly a decade of having first spoken of plans to launch an electric car for mass sale, the car’s launch was finally announced in the last week of March. Since then, the interest in Tesla Model 3 has only been fanned by the intense marketing efforts surrounding the car and the social media buzz.
The launch of Tesla has helped the company’s stocks soar considerably in the last few days. After hitting a 12-month low in February this year, the company’s stock has spiked by over 60% in the last few days.
Although analysts had earlier predicted that the car will sell for anywhere between US$50,000 and US$60,000, the selling price might actually be marginally lower than that. Musk has projected that the car, when it launches, will be priced by US$35,000. The cars will roll out from the company’s factory in California. The company’s plant in Fremont has been upgraded to keep up with the production of one of the most awaited cars in automobile history, so it can produce at least 50,000 cars by 2020.