Tesla’s Musk reveals upcoming electric plans image

Billionaire entrepreneur and co-founder, Tesla’s chief executive officer Elon Musk, took to his usual way of delivering media updates using the various social networks at hand.

This time around he used Twitter on Wednesday to claim the company’s mass-market and affordable electric car, the Model 3, would be introduced to the public in March 2016. He also reiterated the estimated price of around $35,000, which could be around half the cost of the premium Model S electric sedan. As always, the Model 3’s introduction doesn’t mean it’s any closer to actual sales, as the smaller and more affordable sedan would be ready for production in about two years. He added the timeframe depends on the completion of the company’s Gigafactory battery plant. Musk explained on numerous occasions that in order for the Model 3 project to become feasible they would need much cheaper batteries and the factory is the only way of providing the scale to deliver low-cost batteries.

Using a series of tweets, Musk also aimed to curb the worries that its latest Model X electric luxury crossover – set to begin sales on September 29 – would be very expensive. According to Musk, because of “greater size and body complexity” the electric SUV would have a pricing difference of around $5,000 to the Model S sedan. Reports have been appearing with the Model X “Signature Series,” the initial limited series edition already offered to those that placed reservations priced at around $132,000, making it one of the most expensive models in the segments. Musk said the level is high because the “falcon door” crossover has all the options installed.