Tesla Model 3 planned for March 2016 release

Tesla CEO Elon Musk announced Wednesday during the company’s earnings call that the Model 3 is being targeted for a March 2016 unveiling. Musk added that plans can obviously change between now and whenever the the more affordable 200 mile range electric car would be unveiled. “Late 2017 is probably more realistic,” he added.

The Model 3 has long been rumored to target the $35,000 price point after federal subsidies. Current plug-in cars have about a $7,500 tax credit incentive before any additional state and local rebates or incentives kick in. The thought is the Model 3 could be a more affordable mainstream vehicle that would complement the pricier Model S and Model X vehicles.

The Model S is currently priced starting at around $75,000 before any incentives. The Model X is finally expected to be on the road later this year with Tesla accepting customization orders on the vehicles in July.

Tesla for the quarter reported better than expected earnings, posting a smaller loss than what analysts were stating.

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Source: The Verge

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