FILE - In this March 9, 2013, file photo. (AP Photo/Jack Plunkett, File)

Elon Musk: Low-priced Tesla coming to the U.S.

Elon Musk says Tesla will soon start selling its $35,000 Model 3

Three years after he promised to sell an all-electric Model 3 mass-market sedan for $35,000 before incentives, Elon Musk is finally coming through. The Tesla Inc. chief executive announced Thursday that a low-priced, range version will soon be available in the U.S.

Musk also announced that the company’s cars will be sold online only. Retail stores will be converted into showrooms and information centers, he said. He didn’t say how many stores will close, or whether the shift will affect the company’s workforce.

Tesla promised a $35,000 Model 3 in March of 2016 and began taking refundable $1,000 deposits.

“We do not expect to be profitable in the first quarter,” Musk said during a conference call Thursday, because of “special charges” and the costs of sending cars to China and Europe.

READ MORE: Millennial Money: Don’t freak out about your emergency fund

There’s a lot going on,” he said. A profit in the second quarter is “likely,” he said.

Musk used his Twitter account Tuesday night to tease Thursday’s announcement. He continued teasing Wednesday, offering no details on the mystery. Between the stock market’s opening on Wednesday to the close on Thursday, Tesla stock gained more than $18 a share, or about 6 percent, finishing at $319.88.

The Model 3 news comes on the heels of a contempt charge filed against Musk on Monday by the U.S. Securities and Exchange Commission. The SEC claims Musk violated the fraud settlement reached with the agency last September by tweeting false information about the number of cars Tesla plans to produce this year, and by sending the tweet without getting corporate permission first, as the settlement requires.

READ MORE: Premiers call for end to tariffs, reboot on Canada-U.S. relationship

Like us on Facebook and follow us on Twitter.

Just Posted

Ethel Williams gifted a donation for the Community Recreation Track resurfacing

The running track in Stettler is a legacy from the 1991 Alberta Summer Games

Annual Gord Bamford Foundation Charity Golf Classic returns

To date, the Gord Bamford Foundation has raised over $3.6 million

Maskwacis RCMP investigate deaths of two children

The RCMP can confirm that these children were siblings

Community mourns the deaths of two Maskwacis toddlers

Siblings found drowned on family’s property

Stettler dancers land amazing experiences in the ‘Big Apple’

Hailie Ripley and Elisa Collard will soon be jetting off to New York City

Feds lowered poverty line, reducing the number of seniors in need: documents

Liberals introduced a poverty line that was below the prior low-income cutoff

Wetaskiwin RCMP investigate indecent act at By The Lake Park

Complaint said man exposed himself in Wetaskiwin

$900M settlement reached in class action on sexual misconduct in Canadian military

After facing criticism, the government moved to begin settlement proceedings in early 2018

Chiefs honour Indigenous leader wrongfully hanged in B.C. 154 years ago today

Chief Joe Alphonse says they want his remains returned to his homeland in B.C.’s Cariboo region

Wetaskiwin RCMP investigate attempted armed robbery

Police seek information about alleged attack and identify suspect

Scrapie, a disease related to mad cow, found in two flocks of sheep in Alberta

Health Canada says there is no known link between scrapie and human health

Alberta oil and gas producer cleanup cost estimates set too low, says coalition

Canadian Natural Resources Ltd. facing the largest bill at $11.9 billion to clean up 73,000 wells

Scheer on Trump: It’s ‘offensive’ to question the family background of critics

Trump is being called a racist for saying that the four congresswomen should go back where they came from

Instagram expands Canadian pilot removing ‘like’ counts to more countries

Social media giant plans to roll out the test in Australia, New Zealand, Brazil, Japan, Italy and Ireland

Most Read