SAN FRANCISCO, US: Tesla said Thursday its Model 3 — heralded as an electric car for the masses — is available for order online only at a price of $35,000, with delivery promised within a month.
The announcement fulfills a vision of Tesla founder and chief Elon Musk, who has touted a more affordable electric car as part of his vision of weaning drivers from gasoline-powered vehicles.
The Model 3 was to be priced at $35,000 when Tesla first began taking orders in 2016, but the cheapest version before today was about $10,000 more expensive despite price cuts that followed reductions in the US federal tax credit for vehicles not burning fossil fuels.
Musk described the Model 3 early on as “the final step in the master plan: a mass market, affordable car.”
With Model 3, Tesla aimed to show it can appeal to the general public and produce cars en masse.
Not long after Tesla was founded in 2003, Musk said the plan was to use money from high-end electric vehicles to create more affordable offerings to make the technology the new automotive norm.
As it launched its least expensive Tesla, the company said it would sell only via the Internet.
“To achieve these prices while remaining financially sustainable, Tesla is shifting sales worldwide to online only,” Tesla said in a statement.
The “standard” Model 3 has a smaller range before recharging, of 220 miles (350 kilometers).
Its specifications include a top speed of 130 miles per hour (208 kilometers per hour) and 0-60 mph acceleration of 5.6 seconds.
“Although lower in cost, it is built to achieve the same perfect 5-star safety rating as the longer-ranged version,” Tesla said.
Tesla also introduced a Model 3 Standard Range Plus, which offers 240 miles of range, a more powerful drivetrain and premium interior features at a price of $37,000.
Tesla shares that closed the formal trading day up slightly slid 3.3 percent to $309.38 in after-market trades that followed release of the news.
“The bears will focus on this news as a sign that lower profitability and demand are catalyzing this move and strategic pivot, which we strongly disagree with,” Wedbush analyst Daniel Ives said in a note about Tesla to investors.
“We believe this strategic shift was the right move at the right time for Tesla, although the stock will be a ‘prove me’ name for the next 6-9 months.”
Tesla’s ‘mass market’ $35k electric car ready to order, online
Tesla’s ‘mass market’ $35k electric car ready to order, online
Saudi Arabia, Japan trade rises 38% between 2016 and 2024, minister says
RIYADH: Trade between Saudi Arabia and Japan has increased by 38 percent between 2016 and 2024 to reach SR138 billion ($36 billion), the Kingdom’s investment minister revealed.
Speaking at the Saudi-Japanese Ministerial Investment Forum 2026, Khalid Al-Falih explained that this makes the Asian country the Kingdom’s third-largest trading partner, according to Asharq Bloomberg.
This falls in line with the fact that Saudi Arabia has been a very important country for Japan from the viewpoint of its energy security, having been a stable supplier of crude oil for many years.
It also aligns well with how Japan is fully committed to supporting Vision 2030 by sharing its knowledge and advanced technologies.
“This trade is dominated by the Kingdom's exports of energy products, specifically oil, gas, and their derivatives. We certainly look forward to the Saudi private sector increasing trade with Japan, particularly in high-tech Japanese products,” Al-Falih said.
He added: “As for investment, Japanese investment in the Kingdom is good and strong, but we look forward to raising the level of Japanese investments in the Kingdom. Today, the Kingdom offers promising opportunities for Japanese companies in several fields, including the traditional sector that links the two economies: energy.”
The minister went on to note that additional sectors that both countries can also collaborate in include green and blue hydrogen, investments in advanced industries, health, food security, innovation, entrepreneurship, among others.
During his speech, Al-Falih shed light on how the Kingdom’s pavilion at Expo 2025 in Osaka achieved remarkable success, with the exhibition receiving more than 3 million visitors, reflecting the Japanese public’s interest in Saudi Arabia.
“The pavilion also organized approximately 700 new business events, several each day, including 88 major investment events led by the Ministry of Investment. Today, as we prepare for the upcoming Expo 2030, we look forward to building upon Japan’s achievements,” he said.
The minister added: “During our visit to Japan, we agreed to establish a partnership to transfer the remarkable Japanese experience from Expo Osaka 2025 to Expo Riyadh 2030. I am certain that the Japanese pavilion at Expo Riyadh will rival the Saudi pavilion at Expo Osaka in terms of organization, innovation, and visitor turnout.”
Al-Falih also shed light on how Saudi-Japanese relations celebrated their 70th anniversary last year, and today marks the 71st year of these relations as well as how they have flourished over the decades, moving from one strategic level to an even higher one.
