Tesla Inc. Chief Executive Officer Elon Musk has revealed the specifications for two new versions of the Model 3, the car that is intended to be the company's first high-volume vehicle.
The performance version, and a less expensive dual-motor, all-wheel-drive option for the company's Model 3 sedan come as Musk faces pressure from investors to reform Tesla's nine-member board in the wake of production delays for the model. Deliveries will begin in July, he said in tweets posted Sunday.
The performance Model 3 -- also dual-motor and all-wheel-drive -- will have a 310-mile range, and accelerate from zero to 60 mph in 3.5 seconds. For $78,000 excluding an autopilot option, customers can push the vehicle to a top speed of 155 mph, Musk said on Twitter.
That's a significant increase from the $35,000 base price of a Model 3, which was intended to be Tesla's mass-market entry-level car and has been mired in delivery delays.
The $78,000 cost is about the same as a BMW M3, "but 15% quicker and with better handling," Musk said.
The cost of the normal dual-motor, AWD option is $5,000, Musk said. That version also has a range of 310 miles, but takes a second longer to reach 60 miles per hour and has a top speed of 140 mph. One motor is optimized for power and one for range, Musk said.
Tesla, whose Model 3 is set to compete with BMW AG's 3-Series and upcoming i4 electric sedan, has repeatedly pushed back production targets and temporarily halted assembly lines to rework them.