Stephen Lam
Tesla Motors will unveil its first mass-market electric car on Friday, two weeks earlier than expected. The company’s chief executive, Elon Musk, announced the news late Sunday, saying the production of the Model 3 will increase “exponentially” after its debut this week. One hundred cars are slated for production in August, followed by 1,500 or more beginning in September, and 20,000 starting in December, he said. The Model 3, priced at around $35,000, is expected to be able to travel 215 miles on one charge. The car’s more affordable price—about half of what Tesla’s luxury cars go for—is aimed at expanding the company’s customer base and getting more drivers to shift to sustainable energy sources. Anticipation of the Model 3 gave Tesla shares a significant boost this year, propping them up by about 67 percent, according to The New York Times.