(Bloomberg) — Elon Musk revealed Tesla Motors Inc.'s Model 3, the sedan the electric-car maker is counting on to expand its customer base and reach sustainable profitability, capping a day in which fans lined up to reserve vehicles sight unseen. The shares jumped on Friday.
The $35,000 Model 3 will have a minimum 215 miles (346 kilometers) range, and Musk said he's "fairly confident" deliveries will begin in 2017. Tesla received more than 115,000 reservations in 24 hours, Musk said on stage at the company's Hawthorne, California, design studio. Orders reached at least 134,000 within the following two hours.
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