Tesla Model 3 will come to the UK and Australia by mid-2019

Wealth


Salwan Georges | The Washington Post | Getty Images

Tesla’s Model 3 at the Tesla store in Washington, D.C.

Tesla’s Model 3 sedans will be available in Britain and Australia by around mid-2019, Chief Executive Elon Musk said on Thursday.

Musk made the announcement on Twitter, in response to queries from other users about when the cars would be rolled out.

The Model 3 is Tesla’s most affordable car to date, with the firm planning on selling a mass-market $35,000 version before tax incentives next year. The firm unexpectedly launched a new $45,000 version of the Model 3 with a mid-range battery last week. Several days later, the firm hiked the price of that new model by $1,000.

Tesla’s chief frequently uses Twitter to communicate Tesla’s strategy, a tactic that has sometimes been more damaging than beneficial for both Musk and his car company.

The billionaire recently found himself in hot water with the Securities and Exchange Commission over a tweet he posted earlier this year stating that he was mulling a deal to take Tesla private at $420 a share.

“Am considering taking Tesla private at $420. Funding secured,” his August tweet read. Just weeks later, Musk backtracked on that proposal, and said the company would remain publicly traded.

After being sued last month by the SEC for fraud, Musk reached a settlement with the U.S. securities regulator, and was forced to pay out $20 million — and Tesla another $20 million — in fines. Musk is also to step down as the company’s chairman but remain as its chief executive as a result of the settlement, which was approved by a judge last week.

Tesla defied the odds on Wednesday when it posted a $311.5 million net profit — its first in two years — and $881 million in free cash flow. The electric car manufacturer had been battling with production hurdles and burning through cash at a rate of almost $1 billion per quarter.

Shares are up 10 percent in premarket trade on the back of the firm’s earnings beat.





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