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Tesla provides first look at cheaper Model 3 sedan

Posted at 2:29 PM, Jul 09, 2017
and last updated 2017-07-09 14:29:16-04

WASHINGTON (AP) -- Electric automaker Tesla has produced its first Model 3 sedan, a highly anticipated car because it carries a relatively low price.

CEO Elon Musk late Saturday tweeted pictures of the car. It will cost $35,000 and can travel 215 miles on a single electric charge. A $7,500 federal tax credit for electric vehicles would lower the cost $27,500.

The new model comes after a bad week for Tesla's stock price.

Shares fell roughly 14 percent after Musk tweeted that deliveries of the company's other two models - the Model S sedan and Model X SUV - were at the low-end of the company's projections in the first half of this year. Musk also said the company would make 20,000 Model 3s in December, below previous projections.