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Tesla is selling $2 billion in stock to make the Model 3 (updated)
When Tesla talked about its earnings in early May, one big question came up: just how will the company afford to make hundreds of thousands of Model 3s (over 373,000, at last count)? By raising a ton of investment money, that's how. Tesla has announced that it's selling a total of $2 billion in stock, about $600 million of it from Elon Musk himself, to pay for its expansion plans. It had to move up its goal of 500,000 electric vehicles per year to 2018 in response to Model 3 deposits, and that means having a "good buffer of cash" (as Musk said during the earnings call) to keep things humming.
Tesla's Model 3 will be sold with a Ludicrous Mode option
The Model 3 might be Tesla's most affordable electric car, but that doesn't mean it's going to be slow off the starting line. Tesla founder Elon Musk has confirmed that the new vehicle will be available with a Ludicrous Mode option, vastly improving its acceleration. The exact change in performance? For now that's still a mystery, but as means of comparison the standard Model 3 can go from zero to 60MPH in "under six seconds." Anything faster and it'll be competitive with the base-level Model S.
A semi-autonomous road trip in the Tesla Model S
Perhaps the worst driving experience of my life happened in 2009 while helping a friend move. She could only afford to rent a rusty van for a single day, so I agreed to make the 14-hour round trip from London to Scotland and back again in one shot. After setting off at 9 AM, we arrived at 7 PM, some four hours behind schedule, thanks to bad traffic. I started the 450-mile home leg at around 9 PM, and the entire journey was a battle to stay awake, alert and within the confines of my lane. Plenty of coffee and roadside breaks later, I arrived home at 6 AM, 21 hours after setting off. It was the most unsafe I've ever felt in a car. When Tesla offered us the opportunity to test out its semi-autonomous Autopilot feature in the Model S, my thoughts immediately went to Scotland and that traumatic journey. While I'm never going to trade my VW Golf for a car that expensive, the new Model 3 will arrive at $35,000 with many of the same capabilities. So I saw the opportunity to take an extremely early Model 3 test drive, of sorts. I wanted to know if it could make a cross-country journey on electric power, and see if the Autopilot would have made that long trip to Scotland a little less arduous.
Upgraded Tesla Model S rumored to arrive next week
Recently, Tesla's world has revolved around the Model 3. But there's more coming soon from the company. Rumors of an upgraded and pricier Model S began circulating last month, and now more details about that EV have emerged. According to CNET's Tim Stevens, the overhauled Model S could debut as early as next week, based on information from sources inside Tesla. The report claims Tesla is set to make "luxury-minded" changes to its flagship vehicle, internally and externally, as Elon Musk's team looks to compete against Audi, BMW and Mercedes-Benz.
Tesla reportedly taps LG to make the Model 3's giant display
Tesla has a lot of Model 3 pre-orders to fill, so how's it going to get there? By asking some of the biggest companies in the world for help, that's how. Reuters sources hear that Tesla is having LG Display make the 15-inch landscape touchscreen that dominates the Model 3's cabin. There's no official word on what prompted the switch from the unnamed supplier for the Model S and Model X (neither company has commented so far), but the move virtually guarantees that display tech won't hold back Tesla's dreams of mass-produced electric cars.
Inhabitat's Week in Green: Tesla's Model 3, and more!
After years of anticipation, Tesla just unveiled its most affordable electric car to date. The Model 3 is a svelte EV for the masses that starts at $35,000, and it can drive 215 miles on a single charge. Meanwhile, Hyundai set a world record by driving a hydrogen-powered car for 6,096 continuous miles. In other transportation news, India announced ambitious plans to become a 100 percent electric vehicle nation by the year 2030. A Colorado startup unveiled a supersonic jet that can travel from New York to London in three hours flat. And we rounded up nine of the best cargo bikes for carting around kids and goods in style.
Tesla seriously underestimated Model 3 demand
It won't shock you to hear that Tesla low-balled demand for the Model 3, but by how much? Er... quite a bit, actually. Elon Musk has revealed that his company expected "1/4 to 1/2" of the pre-orders it got (252,000 worldwide as of this writing) for its first semi-affordable electric car. While he'd expected lineups at Tesla stores, he figured that there would be "maybe 20-30 people" in queue at a given shop -- not the hundreds that showed up at some places. As a token of appreciation, Tesla plans to give those in-person customers an extra reward on top of what every pre-order customer will get.
Tesla's Model 3 has already racked up 232,000 pre-orders
It hasn't even been 24 hours since we got our first glimpse of Tesla's $35,000 Model 3 electric vehicle, and the pre-orders are flying in. Despite, or possibly because of, a polarizing style and interesting cabin that ditches the usual gauges for a single flatscreen, CEO Elon Musk reports the vehicle has already notched 232,000 pre-orders.
Cruising around in the Tesla Model 3
Tesla offered up rides in its news Model 3 to attendees of tonight's event. While the car won't be in the hands of regular folks anytime before the end of 2017 (hopefully), the automaker gave anyone that wanted a ride, a trip up and down the street in a pre-production version of the car.
Tesla unveils its $35,000 Model 3
Tesla CEO Elon Musk has stated on many occasions that introducing high-end vehicles was a means to eventually bring an affordable electric vehicle to market. Today the automaker finally unveiled the physical manifestation of that plan. The $35,000 (before federal tax credits) Model 3 sedan made its world debut at an event in Los Angeles. On stage, Elon Musk announced that the car will have at least 215 miles of range, 0-60 in under six seconds, and every single one will have Supercharging as a standard feature. Even before the car was unveiled, Elon says pre-orders have already topped 115,000. Update: We took a ride in the Model 3, check out our first impressions right here.
Elon Musk says this is 'part 1' of the Tesla Model 3 reveal
If you're ready for Tesla's $35,000 electric vehicle and have $1,000 ready to put down, then your day has dawned -- at least in Australia. Elon Musk tweeted a pic of the Model 3 pre-order line down under where it's already March 31st, while the rest of us get ready for the company's LA event tomorrow night at 11:30PM ET. Of course we'll be on hand for what he says is just "part 1 of the Model 3 unveil," with a part 2 scheduled for closer to its production in late 2017. In yet another tweet, Musk promised a follower we will "see the car very clearly, but some important elements will be added and some will evolve." Update: Check out all the details from the Model 3 unveiling (like news that there were 115,000 pre-orders before any had even seen the car) right here.
Tesla explains how Model 3 reservations will work
Want to be one of the first people to own and drive a Model 3? Tesla has some simple advice: get down to one of its showrooms at opening time on March 31st. That way you'll get "a better spot" in its pre-order queue and the best chance possible of receiving a car in late 2017, when production is scheduled to begin. Well, almost the best chance possible. Tesla says it'll be giving special priority to its existing EV customers -- a thank you to early adopters with a Model S or Model X sitting on their driveway.
Inhabitat's Week in Green: Tesla's most affordable EV, and more!
Tesla just announced plans to launch its most affordable electric car next month. The Model 3 is expected to cost $35,000 and is set to debut on March 31st -- but it already has competition. Chevrolet showcased the Bolt EV at the start of the year, and Volkswagen confirmed that it's working on the world's first mass-market electric car. Meanwhile, Google is developing electric cars that drive themselves, and soon they'll be able to charge wirelessly. In aviation news, Easyjet announced plans to trial the first hybrid hydrogen plane, and Elon Musk is considering building a vertical take-off and landing electric jet.
Elon Musk: You can reserve a Model 3 starting March 31st
Even though Elon Musk said earlier today that he's not sure how much of Tesla's Model 3 will be unveiled next month, you'll still be able to get in line right away. Musk (shown above posing in front of a Model S during its 2009 debut event) just tweeted that Model 3 reservations will be accepted at Tesla stores on March 31st, and online starting April 1st. You'll need to put $1,000 down towards the car's price, which will start at $35,000 before any incentives are applied.
Tesla will unveil its $35,000 Model 3 on March 31st
Tesla has long promised a $35,000 electric car is on the way, and in today's earnings release (PDF) it announced that we'll get to see the Model 3 on March 31st, ahead of it going on sale in "late 2017." That's in addition to the currently shipping Model S sedan (shown above) and Model X SUV, and the company recently confirmed it still expects to hit that $35k price target before applying electric vehicle incentives. Also, its battery building gigafactory -- key to achieving that mass market price for the Model 3 -- is up and running in Nevada, with Powerwall units produced there already in use by customers.
Tesla's Model 3 lineup will include a crossover
When Tesla talks about plans to enter the world of mainstream electric cars with the Model 3, it's not just referring to launching one vehicle -- it's actually talking about a whole lineup. The automaker's JB Straubel says that the Model 3 will include not just the expected sedans, but crossovers as well. There aren't more details at this point, but it's apparent that the new EV series is about transforming Tesla into a more accessible brand, not just giving you a lower-cost alternative to a Model S. Straubel is certainly optimistic about what the 3 range can do. He expects to see a million Teslas on the road by 2020, which would make Elon Musk's outfit considerably more than a niche badge. [Image credit: Johannes Eisele/AFP/Getty Images]
Tesla's Powerwall is already sold out through middle of 2016
On Tesla's quarterly earnings call, CEO Elon Musk announced "crazy off the hook" demand for its just-announced Powerwall battery product. He said over 38,000 reservations have been received, which should take up the expected production through mid-2016, and demand is high enough to account for all of the Gigafactory's production if they devoted it just to stationary batteries. That includes some 2,500 companies that are interested in the commercial-ready Powerpack (with orders averaging around 10 units each), and Musk said he estimates that commercial interest in Tesla Energy will account for 5-10 more megawatt hours than residential. To clear up one question about the Powerwall, he mentioned that while it doesn't have a DC-to-AC inverter included, it does have a DC-to-DC unit built in. Update: It wasn't mentioned on the call, but Tesla also confirmed its first acquisition today, snatching up Michigan-based part manufacturer Riviera Tool.
Elon Musk: Tesla will make 'millions' of cars per year by 2025
While the Auto Show's press preview events are winding down, it's time for the Automotive News World Congress to take over, and tonight it featured a sit-down with Elon Musk. During the interview, Musk answered questions about everything from, "Where is the Model X?" (coming this summer) to whether or not he's a good boss (The Wall Street Journal says no; Musk says "not all the time.") He said that he expects Tesla's production to reach millions of cars per year by 2025, which is part of the reason he's focusing on the Gigafactory -- more battery production will be needed first. ("If it doesn't drive down the cost of batteries, I should be fired," says Musk.) First, however, he expects the company will be profitable by about 2020. You can check out some of the quotes collected in tweets after the break, or read impressions posted by the Detroit Free Press, Autoblog or The Verge.
Tomorrow Tesla Motors will announce the location for its battery 'Gigafactory' is Nevada
Several states have been in the running for a multi-billion dollar facility Tesla Motors has envisioned to build components for its electric cars (including the $35,000 Model 3), but it appears Nevada is the one. CNBC sources indicated a deal was close earlier today, and now Nevada Governor Brian Sandoval has timed a "major announcement" for tomorrow at 7PM ET. Other sources like Bloomberg claim CEO Elon Musk and other Tesla representatives will be at the event, and also mention that there could be more factories to follow. A joint operation with Panasonic, the 'Gigafactory' is key to Tesla's strategy to lower the price of EVs in the future by working on different parts for the batteries (raw materials, cells, modules and battery pack enclosures) all in one place. Naturally, the prospect of some 6,500 or so new jobs have had southwestern states ideal for its renewable energy plans fighting over the right to play host.
Tesla's $35,000 car will be called the Model 3
Tesla hasn't quite delivered its new Model X SUV yet, but at least we have a name for its first electric vehicle pointed at the mainstream. In an interview with AutoExpress, CEO Elon Musk (pictured above with an old Model S prototype) revealed it will be called the Model 3 (with three bars to represent it), after Ford put the kibosh on calling it the Model E. Musk has repeatedly targeted 2017 as the release window for a smaller $35,000 vehicle. He's said it will be the third generation after the original Roadster and Model S, and in the interview claims it will have a range of over 200 miles per charge, probably using batteries built in Tesla's planned Gigafactory. Musk also told the mag about a range boost upgrade coming for the original Roadster that will give it a modern battery capable of going up to 400 miles on a charge, "which will allow you to drive from LA to San Francisco non-stop." [Thanks, Weapon] [Image credit: AP Photo/Paul Sakuma]
