Meet the Tesla Model 3
Tesla Motors unveils the new lower-priced Model 3 sedan at the Tesla Motors design studio on March 31, 2016, in Hawthorne, Calif. It doesn't go on sale until late 2017, but in the first 24 hours that order banks were open, Tesla said it had more than 115,000 reservations. Long lines at Tesla stores, reminiscent of the crowds at Apple stores for early models of the iPhone, were reported from Hong Kong to Austin, Texas, to Washington, D.C. Buyers put down a $1,000 deposit to reserve the car.
Tesla Model 3
Tesla Motors CEO Elon Musk speaks at the unveiling of the Model 3 at the Tesla Motors design studio Thursday, March 31, 2016, in Hawthorne, Calif. The promise of an affordable electric car from Tesla Motors had hundreds of people lining up to reserve one. At a starting price of $35,000 -- before federal and state government incentives -- the Model 3 is less than half the cost of Tesla's previous models.
Tesla Model 3
A Tesla Motors Model 3 electric car is seen in this handout picture from Tesla Motors on March 31, 2016. Tesla CEO Elon Musk says the car will go at least 215 miles when fully charged, about double what drivers get from current competitors in its price range, such as the Nissan Leaf and BMW i3.
Tesla Model 3
A Tesla Motors Model 3 electric car is seen in this handout picture from Tesla Motors on March 31, 2016. Tesla CEO Elon Musk thinks the Model 3 will compete most directly with small luxury cars such as the Audi A4 and the BMW 3 Series.
Tesla Model 3
A Tesla Motors Model 3 electric car is seen in this handout picture from Tesla Motors on March 31, 2016.
Tesla Model 3
A Tesla Motors Model 3 electric car is seen in this handout picture from Tesla Motors on March 31, 2016.