It’s fair to say that Tesla, whilst leading the market for electric cars, has courted a fair amount of controversy in the past. The American company, ran by Elon Musk is never far from the headlines whether that be as a result of it’s ambitious plans, reports of employee working conditions or its futuristic auto pilot settings. Since its launch in 2017, the Model 3 has been a regular addition to these headlines.

Tesla sells the car for as little as $35,000 (although with options and others, very few, if any, will leave the factory at this price), opening up a new market of electric car buyers and pushing demand for the Model 3 through the roof. Tesla appear to have few problems attracting buyers for the Model 3 and are currently producing and delivering approximately 2,500 a week.

Recently, Tesla CEO, Elon Musk revealed that a more powerful version of the Model 3 is in the works. With a $78,000 price tag, it will more than double the price of the base model. It will have a 310-mile (500 km) range, and prove capable of 97 km/h sprints in just 3.5 seconds. Autopilot will be an optional extra with deliveries expected to commence in July.

The announcement, made over Twitter, is unconventional, as with most things that Tesla do. Musk more or less confirmed that the target equivalent would be the BMW M3 but that the Model 3 would be “15 percent quicker and with better handling”, beating “anything in its class on the track”.

The performance Model 3 seems counterintuitive, especially when compared to the cost of a BMW M3 and the Mercedes-AMG C 63. Both significantly undercut the Model 3 by some margin. The move is not unexpected though as Tesla did much the same with its Model S and Model X models soon after launch.

Musk will no doubt have his mind on recovering the alleged $1 billion of cash the company burnt through during the first quarter of 2018. It is expected that Tesla will need to raise more than $10 billion by 2020 to fund its car-making operations, new products and expansion into China.

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