Tesla to close stores, take orders for $35k Model 3

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SAN FRANCISCO (AP) - Tesla says it is now taking orders for the long-awaited $35,000 Model 3, a car for the masses that is essential for the company to survive.

Image Source: Tesla / MGN

The company says to reach the lower price, it's shifting all sales worldwide from stores to online only. Some high-traffic stores, however, will remain open.

The company will offer the standard base model, which can go 220 miles (350 kilometers) per charge. It also will offer a $37,000 version with a premium interior that accelerates faster and can go 240 miles (385 kilometers) per charge.

Tesla started taking orders for the Model 3 in March of 2016, but until now hasn't been able to cut costs enough to sell them for $35,000 and make a profit.

The cheapest one that could be ordered until Thursday started at $42,900.

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