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Musk unveils Tesla's $35,000 Model 3 in push for mass market

The Model 3 is the linchpin of Teslas plan to reach beyond affluent buyers and make electric vehicles a significant part of the auto market.

By Dana Hull | Updated on April 01, 2016
Tesla Motors unveils the new lower-priced Model 3 sedan at the Tesla Motors design studio Thursday, March 31, 2016, in Hawthorne, Calif. It doesn't go on sale until late 2017, but in the first 24 hours that order banks were open, Tesla said it had more than 115,000 reservations. (AP Photo/Justin Prichard)

(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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