Tesla CEO Elon Musk unveils high-performance Model 3 for $78,000

Elon Musk just laid out new plans to upgrade his Tesla Model 3, which was once touted as a car for the masses for $35,000, to a high-performance, all-wheel drive supercar that retails for $78,000.

Continue Reading Below

Musk tweeted the news over the weekend, saying the new costlier version will be comparable to the BMW M3 but be “15% quicker and with better handling.”

“[It] will beat anything in its class on the track,” Musk tweeted.

The new amped-up Model 3 will also be able to go from zero to 60 miles per hour in 3.5 seconds and has a driving range of 310 miles, with a top speed of 155 miles per hour.

The hefty price tag will also include all options, including wheels, paint, and a dual motor system.

“Tesla dual motor means there is a motor in front & a motor in rear. One is optimized for power & one for range. Car drives fine even if a motor breaks down. Helps ensure you make it to your destination & don’t get stuck on side of road in potentially unsafe conditions,” Musk said.

Deliveries will begin in July with a new service program that will allow Tesla owners to request services for their car via a mobile app.

“No need to bring the car in yourself & zero paperwork,” Musk added.

The news comes as the Model 3 has been plagued by production delays. Just last week, Reuters reported that Tesla plans to halt production for six days during the summer to upgrade its production line to reach its goal of making 5,000 cars per week.  On Thursday, Goldman Sachs analysts said it predicted Tesla would need about $10.5 billion in fresh capital through 2020 in order to meets those goals.

Tesla shares are up about 3% Monday on the news.