Tesla launches orders for the $35,000 Model 3

Tesla shares are well below the equity conversion rate

There are five Tesla stores in Australia, which will likely be closed.

It wasn't long before critics started hurling questions about this big reveal. Tesla also announced that it is now moving to an entirely online sales model and will be shuttering most of its retail locations in the US.

To achieve that, Tesla has undertaken several cost-cutting measures in order to remain financially viable while delivering on Musk's promise.

TSLA shares fell almost 4 percent in after-hours trading.

The cheapest Model 3 that could be ordered before Thursday started at $42,900.

This is seen as something of the holy grail for electric vehicle manufacturers since getting standard model electric vehicles into the hands of the general public is seen as a tipping point to creating a sustainable industry. That adds an extra 20 miles of range and shaves the 0-to-60 time down to 5.3 seconds. Three days ago, the U.S. Securities and Exchange Commission asked a federal judge to hold him in contempt of a settlement reached previous year over a tweet in which he said the company would make as many as half a million cars.

This is a watershed moment for Tesla, which has only offered the more expensive Long Range Model 3 since its launch.

In the USA, the Model 3 dropped down to the long-awaited $35,000 Dollars, which has been a long-term goal for the electric vehicle manufacturer.

The standard Model 3 has a range of 220 miles and its single electric motor is capable of 0-60mph in 5.6 seconds with a top speed of 130mph. That could help win some people over, particularly since you'll get a chance to learn over a few days or a thousand miles if you're truly comfortable with the vehicle before you decide to actually buy it. Interested buyers in North America can already purchase a Tesla straight from your phone in roughly one minute. You can now return a auto within 7 days or 1,000 miles for a full refund.

"Electric vehicles now make up only about 2 per cent of global sales, and while we believe that number is likely to grow, we believe there is an education process that is crucial for new customers around charging, range, and other features that are unique to Tesla that will not be as readily available without the in-store experience".

As the electric vehicle maker has grown, Tesla has struggled to provide prompt fix service , and handle customer returns and refunds efficiently.

Tesla's service system is expected to improve as well, the company said, noting that their goal is "same-day, if not same-hour service" that comes to the customers instead of the customer coming to them. Moreover, we guarantee service availability anywhere in any countries in which we operate.

Tesla is also offering the Model 3 Standard Range Plus, which boasts a 240-mile range and a top speed of 140mph. Its adaptive cruise control and steering control systems allow the vehicle to effectively drive for itself from on-ramp to off-ramp, including making lane changes signaled by the driver.

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