Pricing/Specs for Tesla Model 3 Performance Model Announced

Tanya Simon
May 22, 2018

Musk tweeted the news over the weekend, saying the new costlier version will be comparable to the BMW M3 but be "15% quicker and with better handling".

If you don't have quite that amount of cash to spend, you can add a normal dual motor, all-wheel-drive option to your Tesla Model 3 for $5,000.

According to Musk, the new Model 3 Performance variant will be an absolute beast.

While a faster Model 3 sounds nice, the basic Model 3 has had enormous trouble just getting off the assembly line.

Will "beat anything in its class on a track", tweets Tesla's Musk.

In a tweet this weekend, CEO Elon Musk said that if he were to start manufacturing and selling the base model of the Model 3, the company would die. The BMW M3 starts at $66,500, though appears to have less standard equipment than the Model 3 performance version.

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"Tesla dual motor means there is a motor in front & a motor in rear".

Electric auto blog Electrek, citing a leaked email from Musk to employees, said it was "quite likely" Tesla will make more than 500 Model 3 cars per day this week. The company hasn't said how many depositors were only interested in buying the cheapest version of the auto. The range on that variant will also be 310 miles, but the 0-60 mph time will be 4.5 seconds and the top speed will be 140 mph.

The pricey version of the Model 3 is in keeping with Mr Musk's earlier practices with the Model S luxury sedan and Model X sport utility vehicle - adding options and higher specifications to help generate cash that can be used to eventually build vehicles for mainstream buyers.

The comparison isn't entirely new, but it is the first time Musk has publicly compared the vehicle to luxury competitors. It does not only boast a 3.5 second 0-60 mph time, but also a top speed of 155-mph in addition to the same 310 miles of driving range. While Tesla stock has rebounded in recent weeks, there are still a number of skeptics and even some more bullish observers question Musk's assertion that Tesla won't need to raise more capital this year.

Tesla' stock, which shed almost three per cent in Friday's trading session, is down more than to 11 per cent year to date.

Musk's latest Twitter news announcement comes after Goldman Sachs said in a research note last week that Tesla might need to raise more than US$10 billion by 2020 to fund its automotive operations and achieve its targets.

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