Tesla Model 3 Price Is $35000, Drops To $30000 After Rebates

The California company led by Internet entrepreneur Elon Musk said it sold 25,202 Model S vehicles in the year, up from 16,689 in 2014. For a cheaper price of Model 3, it is expected to be the most popular product for Tesla in the coming years. A signature Model X costs around $130,000.

Chief Executive Elon Musk kept certain information under wraps when he talked about the Model 3, including whether Tesla will unveil a prototype rather than just drawings of the vehicle later this month.

The long wait for the Tesla Model 3 is nearly over. Musk tweeted yesterday that the “Model 3 reservations ($1000 down) will be accepted in Tesla storage on March 31 and online April 1”. Wall Street will be curious to see if Model X production is on the upswing because the vehicle has been the subject of several delays. Additionally, a report from Business Insider confirmed that there’s a federal income tax credit up to $7,500 available regardless of a buyer’s home state.

It’s been a rough year so far for Tesla.

On the call, however, Musk aimed higher for Model 3 competitors.

Tesla Motors (NASDAQ:TSLA) reported an unexpected loss in the fourth quarter Wednesday, but the electric vehicle maker cheered investors with a rosy outlook for the rest of 2016 for a promising delivery and offered reassurances that production is on track.

Additionally, revenue rose to $1.21 billion, a 27 percent increase.

As other carmakers rush to put electric vehicles into production, Tesla is growing its share at the high end of the market while preparing for a more affordable Model 3. Here, the company plans to start installing the Model 3’s production machinery.

“Our default plan as we’ve done in the past is that the initial sales are relatively highly-optioned versions of the vehicle, because we’ve got to pay back the investment of the tooling and everything, so it makes sense to have the higher optioned versions first”, he explained. For the full year, the company has projected a positive operating profit, against the consensus full year adjusted earnings estimate of $1.71 per share.