A year and a half after Tesla Motors confirmed it would build a smaller, cheaper electric car, the cover comes off tonight. We'll be there at the Tesla Design Studio in Hawthorne, CA as CEO Elon Musk introduces the Model 3. You can live-stream the event on Tesla's website, starting at 11:30 PM Eastern / 8:30 Pacific time.
Tesla is a tight-lipped bunch, so even after Musk takes the stage to show off the Model 3, don't expect to have all your questions answered. For one thing, the press invitation to Thursday night's event promises a ride-along in the car, not a full test drive, so we're waiting to see just how polished a car Tesla really has to show us. While we wait, he's what else you should know about the biggest car launch of the year.
How Far It Goes
The company line out of Tesla Motors has repeatedly set the benchmark for the 3 at 200 miles of range. Musk got beat to the market by the likes of General Motors, of all people, as Chevy already introduced the 200-mile Bolt EV. But maybe Tesla wasn't worried about that for a good reason. The latest rumor/leak in advance of the big reveal says that the Model 3 will make 300 miles of electric range, a huge leap forward.
How Fast It Goes
As noted, we won't get to drive a fully realized version of the 3 at Hawthorne tonight. However, that same leak says the car will do 0 to 60 in less than 4 seconds, bringing plenty of the zoom people got used to with the bigger Model S. It's hard to see a $35,000 car getting that kind of performance, so it may be that this rumor has to do with a pricier, higher-spec version of the Model 3 that Musk is planning for down the road.
How Much It Actually Costs
Let's talk about something important. Over the course of its existence, Tesla has amassed a cult following despite not putting out a vehicle that many of its followers could afford, what with the Model S starting around $70,000 and the Model X crossover even higher. That's why there's such long-simmering excitement about Musk's promise of a $35,000 electric vehicle for all, and not a formless cough drop like the Nissan Leaf, but a sexy car you'd actually want.
Tesla is sticking to the $35,000 promise, though you've got to remember that pricing is tricky when it comes to EVs. The good news is that the federal government will give you a $7,500 tax credit for buying electric, and some states have their own incentives, all of which could drive down the cost of the Model 3 into the $20,000s. The bad news is that you'll want to option out this car, which will drive the price back up. And that's not even considering that calculations you should do about the cost of electricity vs. gas over the lifespan of your car.
How to Order One
Tesla will start taking Model 3 reservations tonight, as soon as the event starts. People who already own a Tesla get priority. It costs $1,000 to get your name on the list, though that money is refundable at any time if you change your mind. You can do it online or at a Tesla showroom.
On the one hand, it's ridiculous to plunk down a grand on a car you won't see until at least late 2017, and probably more like 2018 given Tesla's past production delays. On the other hand, if you know you want the car then you may as well not wait. That fat $7,500 from the feds will start to phase out once Tesla sells more than 200,000 cars, a milestone it should pass in a couple of years.
What To Call It
It's Model 3, not Model III, and not because Musk doesn't care for Roman numerals. The Tesla chief made no secret about his desire to call this car the Model E so the company's trio of EVs would spell out S-E-X. Alas, Ford owns the rights to that name, so 3 it is.
Andrew's from Nebraska. His work has also appeared in Discover, The Awl, Scientific American, Mental Floss, Playboy, and elsewhere. He lives in Brooklyn with two cats and a snake.
