BYRON LANGDON/THE WASHINGTON POST Tesla has a big plan for the company’s $5 billion solar-powered cars: Build them into luxury cars.
Tesla Chief Executive Elon Musk said Tuesday the company would begin selling the Model 3 sedan in the U.S. and Europe by the end of 2020.
Tesla will offer the sedan for $1,000 per month.
Tesla has already said it expects to sell about 7,000 Model 3 sedans a month by 2025.
The cars would compete directly with the Mercedes-Benz CLA250 sedan and Audi A4 and A5 SUVs, which have been selling for years in Europe and Asia.
Musk said the Model S sedan is already selling well in Europe.
Tesla plans to sell the Model X crossover sedan as well as the new Tesla Model 3 SUV.
Tesla also plans to build a new version of its lithium-ion battery technology, called Lithium ion battery technology.
Tesla is not expected to sell any new electric vehicles before 2020, although the company could introduce a battery pack with new technologies.