2017-07-30bloomberg.com

That's the electric range of a $44,000 version of Tesla's Model 3, unveiled in its final form Friday night. It's a jaw-dropping new benchmark for cheap range in an electric car, and it's just one of several surprises Tesla had in store as it handed over the keys to its first 30 customers.

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Tesla has simplified the manufacturing process "dramatically," Musk said. In the same factory space where Tesla can build 50,000 Model S or Model X cars, it will soon be able to produce 200,000 Model 3s. Part of that is due to a simplified package of options. 

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The new Model 3 has cheaper range availability than the current record holder, the $37,500 Chevy Bolt, which is outclassed in nearly every way by the Model 3. Each year the battle for cheap range gets a little bit more fierce.

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Musk reiterated his projections of a very slow start in the next few months and then increasing rapidly to a rate of 20,000 a month by the end of the year, and 50,000 a month by the end of 2018. It's an aggressive schedule that will more than double Tesla's total production rate in six months, and then quintuple it by the end of next year.

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If the Model 3 is successful, it would signal the completion of the Master Plan and a new era of electrification for the auto industry.



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