Elon Musk said in a series of tweets that Tesla Inc. (NASDAQ: TSLA) will launch a new, powerful and feature-packed version of its new Model 3. Among other things, it will have dual engines and is better than a BMW M3 ultra-fast sports car.
The announcement won’t cool down upset investors at all. As a matter of fact, it may enrage them. Investors want sales, and Tesla continues to disappoint.
Musk’s tweets:
Cost of all options, wheels, paint, etc is included (apart from Autopilot). Cost is $78k. About same as BMW M3, but 15% quicker & with better handling. Will beat anything in its class on the track.
— Elon Musk (@elonmusk) May 20, 2018
Tesla AWD is dual motor, so you can fully drive the car even if one breaks
— Elon Musk (@elonmusk) May 20, 2018
Cost of normal dual motor AWD option is $5k. Range is also 310 miles. Takes 0-60mph to 4.5 sec & top speed to 140 mph.
— Elon Musk (@elonmusk) May 20, 2018
Tesla dual motor means there is a motor in front & a motor in rear. One is optimized for power & one for range. Car drives fine even if a motor breaks down. Helps ensure you make it to your destination & don’t get stuck on side of road in potentially unsafe conditions.
— Elon Musk (@elonmusk) May 20, 2018
There is no question about the car’s innovations. However, there will not be a large market for a $78,000 Model 3. The car has a base price of about $35,000. It is Tesla’s appeal to the masses, and the only way the company has to push sales into the hundreds of thousands of vehicles a year. That has been the financial promise of Tesla: it will become a mainstream car company that dominates the electric car sector.
A new car will not cloud the issues Tesla faces. Among these are slow production of the Model 3 and worry the company will need to raise large sums of money this year. Musk says Tesla will not have to raise any more money, which adds to concerns he does not have a realistic view of the future of his own company.
The new Tesla sounds like a great car that will sell very few units. The makes the announcement almost worthless.
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