Tesla launches Model 3 car at a price of $35,000

Tesla launches Model 3 car at a price of $35,000

Agency News

Washington, Mar 1: The American electric car company Tesla has announced that it will start selling a version of its Model 3 in the US at a price of $35,000.

The company's CEO Elon Musk on Thursday said that the company will have to close stores and lay off workers in order to make it financially sustainable to produce the cheaper car, reported BBC. ''Closing physical stores will allow the firm to cut costs by about 5%, savings it is using to reduce prices across its line-up of vehicles'', he said. According to the company, the Model 3 electric car has a range of 220 miles, a top speed of 130 mph and 0-60mph acceleration of 5.6 seconds.

Tesla is finally delivering on a promise, it made more than two years ago. Earlier, the electric car company announced the Model 3 car in 2016 as an alternative to its luxury offerings. However, as recently as September, the average selling price exceeded $50,000.

Many people will lose their jobs because of the Tesla's recent move but it's necessary for the company's bigger goal of making electric cars mainstream. Tesla has already announced thousands of job cuts since June, as it tries to balance its books after years of losses. (UNI)