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29 July 2017

Elon Musk rolls out cheapest Tesla yet

Electric car maker Tesla has rolled out its new Model 3 vehicle – the company’s cheapest car to date.

The first 30 customers – most of them employees of the company – received their cars on Friday.

Chief executive Elon Musk said the Model 3 was the “best car for its cost, either electric or gasoline”.

Prices start at $35,000 (£26,650), which the firm hopes will bring mass market interest.

The price is still higher than that of rival electric car the Nissan Leaf, which starts at $30,680, or the hybrid Chevrolet Volt, which goes for $34,095.

Past Tesla models, the “S” and “X”, had a starting price of $80,000, putting them beyond the means of many.

The company aims to produce 5,000 units of the Model 3 a week in 2017, and 10,000 a week by 2018. Buyers ordering now are being told to expect delivery late next year.

More than half a million customers have already placed deposits.

If Tesla can successfully produce and sell that many cars a year, it will outperform BMW, Mercedes, and Lexus in the US.

Source: BBC

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