Good Friday morning. (Was this email forwarded to you? Sign up here .) A $35,000 Model 3 doesn’t come cheap Elon Musk long promised that Tesla would offer a low-cost Model 3 electric car. Yesterday, he finally made good on that promise — but Tesla is making big sacrifices to offer the vehicle. What $35,000 gets you is a Model 3 that can cover 220 miles before needing a charge, along with a cheaper interior than higher-priced versions. The new Model 3 is expected to start shipping in two to four weeks. Tesla expects to sell a lot of them. The announcement led Mr. Musk to raise production estimates to 600,000 cars in 2019. But it will probably post a loss this quarter. Mr. Musk wouldn’t reveal what kind of margins the company would make on its lowest-priced Model 3. But he admitted, “Given that a lot is happening in Q1, we do not expect to be profitable in the first quarter.” And the company will change its business model. Tesla will only take orders online, close some of its showrooms and lay off employees to save money. “There’s no other way for us to achieve the savings for this… Read full this story
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