Tesla Reveals Specifications for New $78K Model 3

Tesla Inc. (TSLA) has revealed details about a premium, superfast version of its Model 3 sedan.

In a series of tweets, the company’s CEO Elon Musk said the new car will feature all-wheel drive and a dual motor system, with one motor optimized for power and one for driving range. Musk added that the performance version of the Model 3 can reach a top speed of 155 miles per hour (mph), go from 0-60 mph in 3.5 seconds and achieve a driving range of 310 miles.

Cost of all options, wheels, paint, etc is included (apart from Autopilot). Cost is $78k. About same as BMW M3, but 15% quicker & with better handling. Will beat anything in its class on the track.

— Elon Musk (@elonmusk) May 20, 2018

The superfast Model 3 will sell for about $78,000, more than double the price of the basic Model 3, which retails at a starting price of $35,000.

On Twitter, Musk compared the premium car’s price tag to the BMW M3. The German automaker’s high-performance version of its BMW 3-series sedan is marketed as the ultimate driving machine and costs at least $66,500. Tesla’s CEO boasted that the premium Model 3 is “15% quicker” and offers “better handling” than BWM’s M3. He then went on to claim that Tesla's new car “will beat anything in its class on the track.”

Tesla already offers a dual motor, all-wheel drive option for Model 3s at an extra cost of $5,000. According to Musk, that model also boasts range of 310 miles, but is slightly slower than the premium version, going from 0-60 mph in 4.5 seconds and reaching top speeds of 140 mph.

The next challenge for Tesla will be getting these new cars off the production line. The electric automaker has so far struggled to reach its Model 3 manufacturing goals, prompting analysts to warn that the company will soon run out of cash and credit agency Moody’s to downgrade Tesla’s debt deep into junk status. (See also: Tesla Downgraded by Moody's Amid Model 3 Production Woes.)

In February, Tesla said it had taken deposits on over 500,000 Model 3 orders over the past two years. However, by the end of March, it managed to build just 12,500 of them.

Electrek, citing a leaked email from Musk to employees, said it was "quite likely" Tesla is now making more than 500 Model 3s per day. That target would represent a 75% jump on the prior month, giving the company a weekly production rate of 3,500 cars — Tesla vowed to manufacture 5,000 Model 3s per week by the end of June. (See also: Tesla Aiming to Produce 6,000 Model 3s Per Week by June 30: CEO.)