June 15, 2015 / 4:19 PM / in 2 years

Tesla Model 3 project to include sedan, crossover: WSJ

(Reuters) - Tesla Motors Inc’s upcoming Model 3 electric vehicle project will result in the creation of a sedan and a crossover vehicle, the Wall Street Journal reported on Monday.

The logo is seen on a new all-wheel-drive version of the Tesla Model S car in Hawthorne, California October 9, 2014. REUTERS/Lucy Nicholson

The company is also planning for cars beyond the Model 3 portfolio, and expects costs for battery technology to fall in coming years, enabling lower-priced electric cars and fueling rising demand, the Journal reported. (on.wsj.com/1HKdnLV)

The smaller Model 3 is the third generation of Tesla vehicles. It follows the Roadster — the company’s first fully electric sports car — and two vehicles built on the same underpinning architecture: the Model S, introduced in mid-2012, and the Model X. The Model X is expected to go on sale later this year.

Prices for the Model 3 will start at $35,000, or half the starting price of Tesla’s first mass-market car, the Model S sedan. The Model 3 will have a driving range of about 200 miles on a full charge.

The company expects the Model 3 project to help push sales toward 500,000 annually by the end of the decade, the Journal said, citing Tesla’s chief technical officer, JB Straubel, who spoke at the EIA Energy Conference.

Shares of the Silicon Valley-based car maker were down about 1 pct at $248.07 on the Nasdaq.

Reporting by Radhika Rukmangadhan in Bengaluru; Editing by Simon Jennings

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