The new Tesla Motors Inc. (NASDAQ: TSLA) Model 3 has everything, or close to it. It has a moon roof that runs nearly the entire length of the car. Also, according to the company, the Model 3 seats five. At less than six seconds up to 60 miles per hour, it is super-fast. Somehow, Tesla already knows it has a five-star safety rating “in all categories.” At under $35,000, its price should attract the middle class. However, the Tesla 3 only goes 215 miles without a charge. To charge it takes more time than to fill a gas tank. Consumers may shy away.
Experts have said the Tesla 3 may find stiff competition from General Motor Co.’s (NYSE: GM) Chevy Bolt, priced just above $30,000. While the Tesla 3 has a launch date in 2017, the Bolt goes into showrooms late this year. Its range, GM says, runs around 200 miles.
Both the Bolt and Tesla 3 compete with hybrids, no matter what the companies say. The 2016 Toyota Motor Corp. (NYSE: TM) Prius just won the Insurance Institute for Highway Safety Top Safety Plus award. Several Prius models boast prices under $30,000, and 53 miles per gallon. Most large manufacturers offer a fleet of hybrids.
To compete more directly with the Tesla 3, the new Prius Plug-In model has a range of 600 miles. It gets 120 miles per gallon equivalent.
Jack R. Nerad, executive editorial director and market analyst for Kelley Blue Book, made a damning comment about Elon Musk’s latest invention.
Just saw the Tesla introduction. What wasn’t said was as important as what was said. The grille-less Model 3 was announced with a price of $35,000. That’s eye-popping low, but what wasn’t said was the price of the other versions. Tesla has a history of introducing a vehicle with a reasonably low price and then selling versions that are much more expensive. There was no mention of EV’s major Achilles’ heel — recharge time. 215 mile range and low recharge times make EVs impractical for many buyers.
He summed up what Tesla’s promotion people and Musk did not say.
The Average American Is Losing Their Savings Every Day (Sponsor)
If you’re like many Americans and keep your money ‘safe’ in a checking or savings account, think again. The average yield on a savings account is a paltry .4% today, and inflation is much higher. Checking accounts are even worse.
Every day you don’t move to a high-yield savings account that beats inflation, you lose more and more value.
But there is good news. To win qualified customers, some accounts are paying 9-10x this national average. That’s an incredible way to keep your money safe, and get paid at the same time. Our top pick for high yield savings accounts includes other one time cash bonuses, and is FDIC insured.
Click here to see how much more you could be earning on your savings today. It takes just a few minutes and your money could be working for you.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
