On February 28, 2019, Tesla announced the availability of the lower-cost, highly anticipated, $35,000, Standard Range trim.
On July 1, 2018, Elon Musk announced that Tesla had met its production goal of 5,000 cars in a week. On April 18, 2018, Tesla updated its production target to 6,000 vehicles per week by the end of June 2018, an increase from its previous target of 5,000 vehicles per week which was previously promised at earlier dates. The company plans for the Model 3 are part of Tesla's three-step strategy to start with a high-price vehicle and move progressively towards lower-cost vehicles, while the battery and electric drivetrain were improved and paid for through the sales of the Roadster, Model S, and Model X vehicles. In May 2016, Tesla issued US$2 billion in new shares to the stock market to finance the plan. As predicted, there were "production bottlenecks" and "production hell". Industry experts were dubious when, in May 2016, Tesla announced its decision to advance its 500,000-total-unit build plan (combined for Model S, Model X, and Model 3) to 2018, two years earlier than previously planned, in order to accelerate its target for Model 3 output. By August 2017, there were 455,000 net reservations. These reservations represented potential sales of over US$14 billion. Within a week of unveiling the Model 3 in 2016, Tesla revealed they had taken 325,000 reservations for the car.
This is lower than the Tesla Model S drag coefficient of C d=0.24, which, in 2014, was the lowest among the production cars of the time. Tesla said it would have a 5-Star safety rating and have a drag coefficient of C d=0.23. In 2017 Tesla added that the Standard Range version of the all-electric car would have an estimated EPA-rated range of 215 miles (346 km), a five-passenger seating capacity, front and rear trunks, and promised sports-car levels of acceleration performance. In 2008 the car was stated to be a family car. In an interview for Wired Science recorded during 2006, Elon Musk presented the Model 3 as likely being affordable by most people able to purchase new cars. It has also been the bestselling PEV in the United States for three consecutive years, 2018 to 2020, the top selling PEV in Europe in 2019, and the bestselling PEV in China in 2020. The Model 3 has been the world's top selling plug-in electric car (PEV) for three years running, from 2018 to 2020.
Since early 2020, the Model 3 is the bestselling electric car in world history, and, in June 2021, became the first electric car to pass the 1 million global sales milestone. The Model 3 was marketed as being more affordable to more people than previous models by Tesla.
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According to Tesla, the Model 3 carries full self-driving hardware, with periodic software updates adding functionality. The base Model 3 delivers an EPA estimated range of 272 miles (438 km) and the Long Range version delivers 358 miles (576 km). The Tesla Model 3 is a battery electric mid-size sedan with a fastback body style built by Tesla, Inc.
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