Tesla Model 3 cars are seen as Tesla holds an event at the factory handing over its first 30 Model 3 vehicles to employee buyers at the company’s Fremont facility in California, U.S. July 28, 2017. Tesla/Handout via REUTERS ATTENTION EDITORS - THIS PICTURE WAS PROVIDED BY A THIRD PARTY. NO RESALES. NO ARCHIVE. - RTX3DD1O

At first it cost $35,000, now Tesla’s Model 3 can fetch almost $80,000

$78k

A new configuration of Tesla’s Model 3, which was launched in 2017 with a starting price of $35,000, can now cost $78,000, chief executive Elon Musk said Sunday (May 20) on Twitter.

Published   |  Photo by Tesla/Handout via Reuters
Tesla Model 3 cars are seen as Tesla holds an event at the factory handing over its first 30 Model 3 vehicles to employee buyers at the company’s Fremont facility in California, U.S. July 28, 2017. Tesla/Handout via REUTERS ATTENTION EDITORS - THIS PICTURE WAS PROVIDED BY A THIRD PARTY. NO RESALES. NO ARCHIVE. - RTX3DD1O
$78k

Tesla also offered customized options and more potent specifications for the Model S and the Model X, and the profits from those special features are sorely needed.

Tesla Model 3 cars are seen as Tesla holds an event at the factory handing over its first 30 Model 3 vehicles to employee buyers at the company’s Fremont facility in California, U.S. July 28, 2017. Tesla/Handout via REUTERS ATTENTION EDITORS - THIS PICTURE WAS PROVIDED BY A THIRD PARTY. NO RESALES. NO ARCHIVE. - RTX3DD1O
$78k

The company has been facing production delays, and analysts have been raising red flags about its spending. Tesla burned over $1 billion in the first quarter.

Tesla Model 3 cars are seen as Tesla holds an event at the factory handing over its first 30 Model 3 vehicles to employee buyers at the company’s Fremont facility in California, U.S. July 28, 2017. Tesla/Handout via REUTERS ATTENTION EDITORS - THIS PICTURE WAS PROVIDED BY A THIRD PARTY. NO RESALES. NO ARCHIVE. - RTX3DD1O
$78k

Analysts at Goldman Sachs said last week Tesla might need to raise over $10 billion by 2020 to fund operations, launch new models, and support its expansion in China.

Tesla Model 3 cars are seen as Tesla holds an event at the factory handing over its first 30 Model 3 vehicles to employee buyers at the company’s Fremont facility in California, U.S. July 28, 2017. Tesla/Handout via REUTERS ATTENTION EDITORS - THIS PICTURE WAS PROVIDED BY A THIRD PARTY. NO RESALES. NO ARCHIVE. - RTX3DD1O
$78k

While Musk refuses to raise capital, as he did most recently in an earnings call in early May, higher prices will generate some vital cash.

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