Tesla "hoping" to launch in India this summer
Revealing his company's potential plans through Twitter, Elon Musk in a response to a question about when Tesla would launch in India, said "Hoping for summer this year." Tesla's India launch was rumoured to happen in 2015, but was delayed. It is believed that Tesla will launch its Model 3 in India; it can run up to 215 miles or 346 kilometres on full-charge.
Tesla Motors was incubated in July 2003 by Martin Eberhard and Marc Tarpenning, who financed the company until the Series A round of funding. Elon Musk led the Series A round of investment in February 2004, joining Tesla's Board of Directors as its Chairman. Musk hoped to produce affordable electric vehicles available to the public which were both fast and looked good.
Tesla launched its first electric car operations in 2008 with the Roadster sports car, created on the skeleton of a Lotus. It then forayed into luxury cars with Model S, followed by the Model X crossover.
Tesla's announced that its upcoming Model 3 was meant for middle-class drivers. This model forms a key element in founder Elon Musk's vision to "mainstream the electric car." Up until now, Tesla Motors was known for its luxurious all-electric cars with hefty price-tags, it planned to sell Model 3 at an estimated price of $35,000 (half the base price of Model S).
At a more economical cost, the Model 3 comes laced with many impressive features like zero fuel emissions, acceleration prowess, more affordable maintenance costs, availability of high torque even at low rpm, much larger boot space, and an autopilot to name a few.
Tesla Chief Executive Elon Musk unveiled a prototype of the Model 3 and said that the vehicle with the starting price of $35,000 will go into production in 2017. The vehicle will have a range of 215 miles/charge (346 km). Musk further announced that now countries like "India, Brazil, South Africa, South Korea, New Zealand, Singapore and Ireland" could also order the Model 3.
The Model 3's success is crucial for Tesla to achieve its aim of selling 500,000 cars/year by 2020. Tesla's Gigafactory- its battery factory which is near completion is also banking on the success of the Model 3. Moreover, how well this model does will ascertain if Tesla Motors is a "major threat to the status quo or just another wannabe car company".
Tesla's Model 3's popularity could be gauged from the long lines of people waiting to make the advance orders. The company took in over $115 million within 24 hours in advance orders, which when translated into sales will bring in a revenue that would exceed $4 billion. A screen at the debut event showed online advance bookings shooting from 115,000 to 137,600 pre-orders.
Turning its first profit in over 3 years, Tesla's Chief Executive Elon Musk said the company would no longer require capital infusion for the production and launch of the much awaited Model 3. However, he said the company would still raise capital to "account for uncertainty and de-risk the business." The profits have been driven by $139 million in clean car credits.
The sale of California zero emission vehicle credits played a major role in driving up Tesla's financial performance. Other automakers can purchase these credits instead of having to produce their own clean energy vehicles. It is a near 100% profit making business.