Automakers are bracing for a $35,000 Model 3 that won’t sell as well as some were hoping.
The Tesla Model 3, which was originally supposed to be released in late 2018, is expected to cost $35k for a 60,000-mile, one-off lease, and about $50,000 for the Model S, according to auto analyst and analyst Adam Jonas.
But Tesla said it plans to ramp up production in 2021 and bring the Model 3 to consumers in 2023.
Tesla Chief Executive Elon Musk said the Model X will cost $80,000, and the Model Y at $130,000.
Tesla’s CEO, Elon Musk, announced on Tuesday that the company is making a $5,000 rebate for customers who purchase a Model 3 with an 85kWh battery pack and $1,000 in cash to help offset the Model III’s higher price tag.
Musk also said he was “extremely disappointed” with the cost of the Model J, which will sell for $7,500.
The company plans to sell about 10,000 units a month of the J.
Musking said Tesla expects to ramp production of the cars to 100,000 a month in 2021.
“We have to make the Model 4, and I think it’s going to be a huge success,” Musk said.
Tesla has not disclosed pricing.
The company has not yet made any announcements about pricing for its other cars.