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What to Know about Elon Musk and the Tesla Announcement

Tesla announced a shift to online-only sales with price cuts on new models, including a $35,000 Model 3. The announcement was teased by CEO Elon Musk on Twitter ahead of the Feb. 28 reveal.

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What to Know about Elon Musk and the Tesla Announcement

Key takeaways

01

Tesla says it lowered prices by 6% on average on its newest models

02

Model 3 base price set at $35,000 following the move to online sales

03

Tesla transitioned its sales model entirely to online channels

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Tesla Co-Founder and CEO Elon Musk has captured the attention of the business world by teasing an announcement about the company on his personal Twitter feed. The eccentric entrepreneur told his followers that news from the company will be released on Thursday, Feb. 28 at 2 p.m. PST (5 p.m. EST).

The tweet came amid concern from the Securities and Exchange Commission (SEC) about Musk’s tweeting habits.

Speculation about the announcement is wide-ranging, from a simple update to a new car model to his ongoing space race. Musk changed his Twitter profile image to a picture of Mars today.

On the company’s website today, potential buyers were redirected to a message that said, “the waiting is almost over. Great things are launching at 2 p.m.”

Stay tuned for updates about the news on MarketScale.

UPDATE: 4:21 p.m. CST

Tesla announced it will move all sales online, allowing it to cut prices on its newest models. The Model 3 will retail for $35,000 and the company says it has lowered prices by 6 percent on average.

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