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| Tesla Model 3 pitched as an 'affordable' electric car | Tesla Model 3 pitched as an 'affordable' electric car |
| (35 minutes later) | |
| Tesla has unveiled its much-anticipated Model 3 electric car - its lowest-cost vehicle to date. | Tesla has unveiled its much-anticipated Model 3 electric car - its lowest-cost vehicle to date. |
| The price and range of the five-seater should make the vehicle appeal to new types of customers and could boost interest in other electric vehicles. | The price and range of the five-seater should make the vehicle appeal to new types of customers and could boost interest in other electric vehicles. |
| Chief executive Elon Musk said his goal was to produce about 500,000 vehicles a year once production is at full speed. | Chief executive Elon Musk said his goal was to produce about 500,000 vehicles a year once production is at full speed. |
| The California-based company needs the vehicle to prove popular if it is to stay in business. | The California-based company needs the vehicle to prove popular if it is to stay in business. |
| The first deliveries of the vehicle are scheduled to start in late 2017, and it can be ordered in advance in dozens of countries, including the UK, Ireland, Brazil, India, China and New Zealand. | The first deliveries of the vehicle are scheduled to start in late 2017, and it can be ordered in advance in dozens of countries, including the UK, Ireland, Brazil, India, China and New Zealand. |
| The basic model will start at $35,000 (£24,423) and have a range of at least 215 miles (346km) per charge. | The basic model will start at $35,000 (£24,423) and have a range of at least 215 miles (346km) per charge. |
| Tesla delivered 50,580 vehicles last year. Most of those were its Model S saloon, which overtook Nissan's Leaf to become the world's best selling pure-electric vehicle. | Tesla delivered 50,580 vehicles last year. Most of those were its Model S saloon, which overtook Nissan's Leaf to become the world's best selling pure-electric vehicle. |
| But the firm still posted a net loss of $889m (£620m) for 2015, partly because it spent $718m on research and development over the period. | But the firm still posted a net loss of $889m (£620m) for 2015, partly because it spent $718m on research and development over the period. |
| It left Tesla with cash reserves of $1.2bn, down from $1.9bn a year earlier. | It left Tesla with cash reserves of $1.2bn, down from $1.9bn a year earlier. |
| "For a long time there had been questions about the long term viability of Tesla," commented Jessica Caldwell, an industry analyst at the car research site Edmunds. | "For a long time there had been questions about the long term viability of Tesla," commented Jessica Caldwell, an industry analyst at the car research site Edmunds. |
| "With niche products like the Model S and the Model X, it hasn't been hitting any sales targets that would sustain its business. | "With niche products like the Model S and the Model X, it hasn't been hitting any sales targets that would sustain its business. |
| "So, launching what it hopes will be high-volume vehicle is going to show if it can become a fully-fledged auto company that will succeed in the long-term rather than one that pumps out a few cool cars and then goes bust, as we've seen happen with other electric car start-ups such as Fisker." | "So, launching what it hopes will be high-volume vehicle is going to show if it can become a fully-fledged auto company that will succeed in the long-term rather than one that pumps out a few cool cars and then goes bust, as we've seen happen with other electric car start-ups such as Fisker." |
| Read more: | Read more: |
| Are electric cars about to go mainstream? | Are electric cars about to go mainstream? |
| 'We had to make an affordable car' | 'We had to make an affordable car' |
| Three electric car recalls in a month | Three electric car recalls in a month |
| Elon Musk: The driven dreamer | Elon Musk: The driven dreamer |
| 'Roomy car' | 'Roomy car' |
| Other details provided about the Model 3 included: | Other details provided about the Model 3 included: |
| Mr Musk added that the car should feel more spacious to passengers than similar-sized petrol-based cars because of design decisions Tesla could make by not using a combustion engine. | Mr Musk added that the car should feel more spacious to passengers than similar-sized petrol-based cars because of design decisions Tesla could make by not using a combustion engine. |
| "You are sitting a little further forward," he explained. "That's what gives you the legroom to have five adults." | "You are sitting a little further forward," he explained. "That's what gives you the legroom to have five adults." |
| "And the rear roof area is actually one continuous pane of glass. | "And the rear roof area is actually one continuous pane of glass. |
| "The reason that that's great is because it gives you an amazing feeling of openness. So, it has by far the best roominess of any car of this size." | "The reason that that's great is because it gives you an amazing feeling of openness. So, it has by far the best roominess of any car of this size." |
| Pre-order excitement | Pre-order excitement |
| In scenes more commonly associated with smartphone launches than those of vehicles, hundreds of people queued outside Tesla stores in the US to try to secure one of the first Model 3s. | In scenes more commonly associated with smartphone launches than those of vehicles, hundreds of people queued outside Tesla stores in the US to try to secure one of the first Model 3s. |
| They had to pay a $1,000 deposit to reserve the car before they had even seen it. The company also began taking online orders an hour before its press event had begun. | They had to pay a $1,000 deposit to reserve the car before they had even seen it. The company also began taking online orders an hour before its press event had begun. |
| At the end of his presentation, Mr Musk said that Tesla had already received more than 115,000 orders. | At the end of his presentation, Mr Musk said that Tesla had already received more than 115,000 orders. |
| The move should help the firm head off competition from other forthcoming similarly-priced electric cars that will become available first, including General Motors' Chevy Bolt and BYD's Qin EV300. | The move should help the firm head off competition from other forthcoming similarly-priced electric cars that will become available first, including General Motors' Chevy Bolt and BYD's Qin EV300. |
| Part of the incentive to commit early is that a $7,500 tax credit offered to US buyers is set to be pulled once the company has sold 200,000 vehicles in the country. | Part of the incentive to commit early is that a $7,500 tax credit offered to US buyers is set to be pulled once the company has sold 200,000 vehicles in the country. |
| "If you look at the US auto market, the average purchase price is about $33,000, which is close to what the target for the Model 3 is," said Ms Caldwell. | "If you look at the US auto market, the average purchase price is about $33,000, which is close to what the target for the Model 3 is," said Ms Caldwell. |
| "So, it becomes less of that pie-in-the-sky dream car and something that the average person can actually afford. | "So, it becomes less of that pie-in-the-sky dream car and something that the average person can actually afford. |
| "That's why people are excited about it in non-traditional Tesla markets - places outside of San Francisco Bay and Los Angeles - and why we saw lines in places like Houston and Arizona." | "That's why people are excited about it in non-traditional Tesla markets - places outside of San Francisco Bay and Los Angeles - and why we saw lines in places like Houston and Arizona." |
| Analysis: Dave Lee, North America technology reporter | Analysis: Dave Lee, North America technology reporter |
| You could call it Tesla's Kickstarter campaign. | You could call it Tesla's Kickstarter campaign. |
| At tonight's event, computers were set up for people to throw their cash into Elon Musk's coffers to fund the Model 3 project. | At tonight's event, computers were set up for people to throw their cash into Elon Musk's coffers to fund the Model 3 project. |
| One of them was 16-year-old Adam Metcalf, there with his father, who had saved up "all the allowance I've ever had" to put down a deposit for what will be his first car. | One of them was 16-year-old Adam Metcalf, there with his father, who had saved up "all the allowance I've ever had" to put down a deposit for what will be his first car. |
| Adam hopes to get into the driver seat when it launches at the end of next year. He'll need a serious allowance, mind, even if government subsidies eat into the $35,000 headline price. | Adam hopes to get into the driver seat when it launches at the end of next year. He'll need a serious allowance, mind, even if government subsidies eat into the $35,000 headline price. |
| If Adam can't quite stretch that far, his deposit will be refunded. Which makes you wonder - how many of the 115,000 pre-orders (and counting) will turn into actual sales? As I say, it's like the crowdfunded pitches on Kickstarter. You don't quite know if the end product will be the success promised at launch. | If Adam can't quite stretch that far, his deposit will be refunded. Which makes you wonder - how many of the 115,000 pre-orders (and counting) will turn into actual sales? As I say, it's like the crowdfunded pitches on Kickstarter. You don't quite know if the end product will be the success promised at launch. |
| No doubt about it, Musk needs to sell a lot of the Model 3. | No doubt about it, Musk needs to sell a lot of the Model 3. |
| While lining up to get in, I spoke to the managing director of a major European investment bank, who didn't want to be named. | While lining up to get in, I spoke to the managing director of a major European investment bank, who didn't want to be named. |
| He said the eccentric, rocket-making Musk remains a popular figure, of course, but that patience is quickly running out. Investors are demanding profitability this year - Musk says he can deliver. | He said the eccentric, rocket-making Musk remains a popular figure, of course, but that patience is quickly running out. Investors are demanding profitability this year - Musk says he can deliver. |
| Chevrolet Bolt | Chevrolet Bolt |
| Price: | Price: |
| $37,500 (£26,100) excluding tax credits. | $37,500 (£26,100) excluding tax credits. |
| Not available outside US at launch. | Not available outside US at launch. |
| Range: | Range: |
| More than 200 miles (322km) on a full charge. | More than 200 miles (322km) on a full charge. |
| Power source: | Power source: |
| 60kWh lithium-ion battery. | 60kWh lithium-ion battery. |
| Takes nine hours to fully charge or one hour to charge up to 80% at a fast-charger station | Takes nine hours to fully charge or one hour to charge up to 80% at a fast-charger station |
| Available: | Available: |
| Late 2016. | Late 2016. |
| BMW i3 | BMW i3 |
| Price: | Price: |
| $42,400 (£29,500) excluding tax credits. | $42,400 (£29,500) excluding tax credits. |
| £30,980 in the UK including VAT but excluding government grant. | £30,980 in the UK including VAT but excluding government grant. |
| Range: | Range: |
| 80-100 miles (128km-159km) on a full charge - or up to 150 miles if using a petrol-based "range extender" add-on. | 80-100 miles (128km-159km) on a full charge - or up to 150 miles if using a petrol-based "range extender" add-on. |
| Power source: | Power source: |
| 22kWh lithium-ion battery. | 22kWh lithium-ion battery. |
| Takes 3hrs 30mins to fully charge, or 30mins to charge up to 80% at a fast-charger station. | Takes 3hrs 30mins to fully charge, or 30mins to charge up to 80% at a fast-charger station. |
| Available: | Available: |
| Now. | Now. |
| Nissan Leaf SV | Nissan Leaf SV |
| Price: | Price: |
| $34,200 (£23,800) excl tax credits. | $34,200 (£23,800) excl tax credits. |
| £29,490 in the UK including VAT but excluding government grant. | £29,490 in the UK including VAT but excluding government grant. |
| Range: | Range: |
| 107-155 miles (172-249km) on a full charge. | |
| Power source: | Power source: |
| 30kWh lithium-ion battery. | 30kWh lithium-ion battery. |
| Takes six hours to fully charge, or 30mins to charge up to 80% at a fast-charger station. | Takes six hours to fully charge, or 30mins to charge up to 80% at a fast-charger station. |
| Available: | Available: |
| Now. | Now. |
| Toyota Mirai | Toyota Mirai |
| Price: | Price: |
| $57,500 (£40,020) excl tax credits. | $57,500 (£40,020) excl tax credits. |
| £66,000 in the UK incl VAT but excluding government grant. | £66,000 in the UK incl VAT but excluding government grant. |
| Range: | Range: |
| 312 miles on a full charge. | 312 miles on a full charge. |
| Power source: | Power source: |
| Hydrogen - the two tanks can be refilled in five minutes at a refuelling station. | Hydrogen - the two tanks can be refilled in five minutes at a refuelling station. |
| Available: | Available: |
| Now. | Now. |
| Volkswagen E-Golf SE | Volkswagen E-Golf SE |
| Price: | Price: |
| $28,995(£20,185) excluding tax credits. | $28,995(£20,185) excluding tax credits. |
| £31,650 in UK including VAT but excluding government grant. | £31,650 in UK including VAT but excluding government grant. |
| Range: | Range: |
| 83 miles (134km) on a full charge. | 83 miles (134km) on a full charge. |
| Battery: | Battery: |
| 24.2kWh lithium-ion battery. | 24.2kWh lithium-ion battery. |
| Takes eight hours to fully charge, or four hours if using optional 7.2KWH quick-charger, and can be charged up to 80% in 30mins at a fast-charger station. | Takes eight hours to fully charge, or four hours if using optional 7.2KWH quick-charger, and can be charged up to 80% in 30mins at a fast-charger station. |
| Available: | Available: |
| Now. | Now. |
| Renault Zoe i Dynamique Nav Rapid Charge | Renault Zoe i Dynamique Nav Rapid Charge |
| Price: | Price: |
| £25,545 including battery or £20,545 excluding battery if opting for battery hire programme -both include VAT but exclude government grant. | £25,545 including battery or £20,545 excluding battery if opting for battery hire programme -both include VAT but exclude government grant. |
| Not available in US. | Not available in US. |
| Range: | Range: |
| 130 miles (209km) on a full charge. | 130 miles (209km) on a full charge. |
| Power source: | Power source: |
| 22kWh lithium-ion battery. | 22kWh lithium-ion battery. |
| Takes four hours to fully charge, and can be charged to 80% in 30mins at a fast-charger station. | Takes four hours to fully charge, and can be charged to 80% in 30mins at a fast-charger station. |
| Available: | Available: |
| Now | Now |
| BYD Qin EV300 | BYD Qin EV300 |
| Price: | Price: |
| 260,000 yuan ($40,300; £28,050) excluding subsidies. | 260,000 yuan ($40,300; £28,050) excluding subsidies. |
| No details yet about launch plans outside China. | No details yet about launch plans outside China. |
| Range: | Range: |
| 186 miles (300km) on a full charge. | 186 miles (300km) on a full charge. |
| Battery: | Battery: |
| 48 kWh lithium-ion battery. | 48 kWh lithium-ion battery. |
| Charging time unknown. | Charging time unknown. |
| Available: | Available: |
| Details to be given at the Beijing Auto Show in April. | Details to be given at the Beijing Auto Show in April. |