Published: Tue, July 11, 2017
Research | By Elizabeth Houston

What consumers should consider when buying an electric vehicle

What consumers should consider when buying an electric vehicle

Tesla, by tradition, delivers the first new auto off the line to the first customer to pay full price once the vehicle officially goes on sale. This turns out to have been a birthday present from early Tesla investor and board member Ira Ehrenpreis - he had the right to the first reservation because he paid in full, but turned it over to Musk as a present for his 46th anniversary.

The Tesla Model 3 is a critical launch for the company.

The Model 3 is the fourth vehicle to be launched by Tesla and the third that's now currently in production as it joins the considerably less affordable Model S and Model X. Model 3 sits below the Model S in the Tesla line-up and is created to be a mass-market EV that fits into the price range where people are currently buying electric cars, and can represent an opportunity for more people to buy into the Tesla brand.

Tesla Model 3 is a five seater sedan with 215 miles (346km) of range on a single charge, and despite being a simple daily user, it has the sporty dynamics associated with Tesla - it can do 0-100kmph in under six seconds time. The government slashed a tax break for electric vehicles, effective April 1, and the price of a Tesla Model S effectively increased from around $75,000 to $130,000.

However, when unveiling the Model 3 for the first time at an event previous year in Hawthorne, California, Musk stated that by all means, deliveries would start by the end of 2017. September will bring another 1,500 cars, and the ramp will build to a rate of 20,000 cars a month by December, Musk said. Primecap Management Co. CA now owns 1,215,640 shares of the electric vehicle producer's stock valued at $338,313,000 after buying an additional 47,550 shares during the last quarter.

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Instead of waiving the new-car tax for EVs, Hong Kong is now offering a maximum deduction of HK$97,500 (a bit less than US$12,500) on the new-car tax.

That could very well happen, others point out.

The WSJ reported a sales surge just before the April 1 rule change, with 2,939 Tesla vehicles registered in March and almost 3,700 entering the department's books for the first quarter of 2017.

A number of equities analysts recently issued reports on the stock. All of its cars launching from 2019 will have an electric motor, so it will offer plug-in hybrid cars, mild-hybrid cars which have a small petrol engine and a large battery, and pure electric models. Autopilot will have eight cameras, of which three will be front-facing.

The popularity and hype around this vehicle does mean any new buyers will have to wait though. Reasons include saturation in some markets and the financial woes of some manufacturers. The company has market cap of $2.04 billion. Their everyman argument is that allowing solar customers to sell power back to the grid at the retail price is unfair to homeowners who can't, or don't, instill solar themselves. But not everyone needs an electric auto that has a range like the Bolt, if they're only going to use it for a 10-mile commute to work every day.

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