DUBLIN, April 4, 2016 /PRNewswire/ --
Tesla Motors Chief Executive Elon Musk has revealed orders for the company's Model 3 electric vehicle surpassed 250,000 in the first 36 hours. The American automaker says the vehicle will sell at any average price of $42,000, but reports suggest this figure could rise to between $50,000 - $60,000.
Electric vehicles have high initial costs compared to those of conventional diesel or gasoline-based vehicles. However, in the US, the operating cost of EVs is less than one-fourth that of gasoline-driven vehicles. As a result, the market for these vehicles is forecast to grow at a rate of 72.67%.
Tesla is likely to be a leader in the EV industry, according to a recent report, even though the company says their Model 3 won't go into production until late 2017. It says Tesla has changed the outlook of the automotive industry by introducing innovative business models. This includes providing charging for its electric vehicles free of cost at its supercharging stations.
The global sale of hybrid and pure electric cars will reach $178.9 billion in 2024, according to one report available on Research and Markets. It says electric cars are likely to take off in the second half of the coming decade as certain technical and cost challenges are resolved. This growth could be higher than expected, with Tesla ramping up their investment in EVs. The company recently began an expansion of its Fremont plant, in a bid to boost annual capacity to 500,000 by 2020.
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SOURCE Research and Markets