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World Gears up for New Tesla Announcement

March 31st, 2016  |  Auto

The auto world is counting down to 8:30 pm PDT when Elon Musk will show the world one of the most anticipated vehicles of the decade: the Tesla Model 3.

Tesla’s latest vehicle is garnering more attention than its previous efforts because of one important thing: this Tesla will cost less than $40,000, making it the most affordable car the company’s ever produced.

It’s something the company desperately needs if it intends to make any money in the industry. It has been great watching the company push the boundaries of the industry even while they lost money on every vehicle they made. Elon Musk’s charisma and inspiring dedication to innovation made the company a household name even if most households couldn’t afford the products it made.

Thanks to Driving.ca we know the Model 3 will change that with a $35,000 base model price tag. If it follows a similar pricing structure to other Teslas, you can expect a more premium version with self-driving features, more range, and higher acceleration if you’re willing to spend a few more bucks. Base range is expected to be at least 200 miles (320 km).

We also know that buyers won’t receive their vehicles until 2017 at the earliest which means they will be coming out the gate behind one of its main competitors, the Chevy Bolt. The Bolt promises comparable range and price tag as well as some nifty technology as well. However, Musk has gone on record saying that he doesn’t see the Bolt as a true competitor because of the two brand’s target market.

What the Model 3 is offering is a premium yet affordable luxury experience. It’ll probably be adopted by trendy business professionals for its stylish looks and potential autonomous driving capability… whereas the Bolt is appealing to people who simply need a comfortable way to get to where you need to go whether you roll solo or you’re starting a family. In that way maybe Tesla should be worried because even with the good press it gets, people might feel that the Chevy is more reliable. Meanwhile Musk views the Model 3’s true competition as other vehicles in the affordable luxury space like the Audi A4 and BMW 3 Series.

While what we know so far is pretty exciting on its own, it’ll be interesting to see the new Tesla in detail later this evening.