Tesla is climbing after debuting the Model 3 (TSLA)

pulse

July 31, 2017 2:56 PM

The Model 3 is the newest vehicle in Tesla's lineup, and it promises to bring the company's luxury electric cars to the masses.

Tesla Model 3

Tesla released its newest car on Friday, and investors seemed to be pleased.

Tesla shares are rising, up 0.81%, on Monday after the electric automaker revealed details of the new Model 3 and its production process in an event on Friday.

At the event, the company announced its first car marketed at to the masses. The base model costs $35,000 before tax incentives. The premium model will cost $44,000 and will increase the range, top speed, and acceleration of the vehicle.

The Model 3 got good reviews from Business Insider's Matthew DeBord, who attended the launch event. The new sedan has no knobs, buttons or gauges. It's minimalist design centers around the horizontal touchscreen in the middle of the dash. The traditional instrument cluster was removed to maintain the seamless interior and important gauges can be seen on the center screen.

The car is completely set up for autonomous driving, even though the feature isn't ready or approved yet, and would have to be activated later. Buyers can add the option for semi-autonomous driving to the car for $5,000, which acts like really good cruise control.

"We're going to go through at least six months of production hell," Musk said at the event. By the end of the year, the company hopes to be producing 20,000 vehicles a month. Customers who order a Model 3 today are looking at a mid-2018 delivery date, as Tesla works through its backlog of preorders.

Tesla's stock is up 54.42% this year.

pulse