Teslas Elon Musk tweets specs for new performance version of key Model 3 electric car

Posted 21 May 2018

Teslas Elon Musk tweets specs for new performance version of key Model 3 electric car

Elon Musk unveiled details of a US$78,000 performance version of the car, and also a less expensive dual-motor, all-wheel-drive option

Chief executive officer Elon Musk on Sunday tweeted the specifications for two new versions of the firm’s key Model 3 electric car, its first high-volume vehicle.

Musk unveiled details of a US$78,000 performance version of the car, and also a less expensive dual-motor, all-wheel-drive option, confirming that deliveries will begin in July following a series of production delays for the model. The performance Model 3 -- also with a dual-motor and all-wheel-drive -- will have a 310-mile range, and accelerate from zero to 60 mph in 3.5 seconds with a top speed of 155 mph.

The carmaker has said it will shut down production for six days from May 26 to May 31 to address the manufacturing issues that have prevented it from reaching its Model 3 production goals.

In its first quarter, Tesla was producing 2,000 Model 3s per week, missing its target of 2,500 per week. The company expects to meet a target of 5,000 vehicles per week by the end of the second quarter.

The new model launches come after analysts at Goldman Sachs last week estimated that Tesla will need about US$10.5bn in fresh capital through 2020 to keep operating and meet its own targets.

The US investment bank’s analysts said that is the estimated sum needed from external capital raises and debt refinancing for the electric car maker to fund its current operations and finance new product spend and capacity additions.

Goldman is also assuming that Tesla will go ahead with a plan to launch a new vehicle manufacturing plant and gigafactory in China.

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