It must have been a relief to investors and Tesla enthusiasts alike.
CEO Elon Musk revealed Sunday that its much-anticipated mid-market sedan, the $35,000 Tesla Model 3, will reach its first buyers on July 28. That's on track with the company's previous estimates despite delays and production woes with its previous model, the Model X SUV.
Musk also noted on Twitter Sunday that the Model 3 had passed regulatory requirements for production two weeks ahead of schedule. So far, Tesla stock has jumped about 2% on the news.
Tesla's Model 3 is the company's first major push into broadening its consumer base. Here's what you need to know.
The Tesla Model 3 price is less than its predecessors
The base price for the Tesla Model 3 is reportedly $35,000, which is significantly lower than its previous models.
The Model S can be had for $68,000, and the Model X costs about $82,500. Still, the Model 3's $35,000 figure assumes that the buyer wants to add no bells and whistles. Last year, Musk estimated that the average Model 3 would cost closer to about $42,000.
That said, buyers might actually be prepared to pay even more than that. According to a recent survey of over 10,000 Tesla lovers on Model3tracker.com, the average buyer is actually holding about $50,176 in preparation of the Model 3. Some buyers may be eligible for state or federal alternative energy incentives, however.