Tesla's New Model 3 Is A Muscle Car

Tesla’s New Model 3 Is A Muscle Car

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Tesla's New Model 3 Is A Muscle Car

 

Tesla's New Model 3 Is A Muscle Car

Tesla Inc.'s (TSLA) CEO Elon Musk has revealed new specifications and options for its Model 3 electric car, including a high-end version of the sedan that will cost around $78,000.

In a series of posts on Twitter Saturday night, Musk said that the Model 3 will be available in two versions, with dual motors and all-wheel drive in July.

A dual-motor version means there will be a motor in the front and a motor in the rear, with one optimized for power and the other for range, according to Musk. He noted that in a dual-motor version, a person can drive the car even if one motor breaks down.

The normal dual-motor all-wheel drive version of the Model 3 will hit 0 to 60 miles per hour in 4.5 seconds and have a top speed of 140 mph.

On a normal Model 3, the dual motor, AWD option will come at a cost of $5,000 added to the base price of $35,000. The vehicle's range will be about 310 miles per charge.

Musk also announced a "performance" Model 3, which too will have dual-motor, all-wheel drive. It will accelerate from 0 to 60 mph in 3.5 seconds and have a top speed of 155 mph. It too will have a range of 310 miles. The souped-up model will cost $78,000.

"About same as BMW M3, but 15% quicker & with better handling. Will beat anything in its class on the track," Musk tweeted.

In addition, Musk made an announcement regarding a new service program.

"Will soon enable Tesla owners to request service from their phone with a few taps. Tesla Ranger will come to you to take care of your car. No need to bring the car in yourself & zero paperwork," Musk said.

Tesla is struggling to speed up the manufacturing process of the Model 3 at its factory in Fremont, California. The plant has missed Musk's Model 3 forecasts several times. Tesla now plans to produce about 5,000 Model 3 vehicles per week in about two months.

Last week, Goldman Sachs said that Tesla may require as much as $10 billion in fresh capital by 2020 to keep running its operations.

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