Report: Tesla Model 3 May Have 'More Range Than Anyone Imagined'

Tesla Motors Inc (NASDAQ: TSLA)'s CEO Elon Musk recently hinted that the highly anticipated Model 3 sedan will have a driving range of at least 250 miles.BGR picked up on the story and cited a report on Nola.com that Musk was speaking at the annual Edison Electric Institute convention in New Orleans."If this, in fact, turns out to be the case, the Model 3 will be extremely well-positioned to make a huge splash with consumer," BGR opined. "It would also prove to be quite the technological feat, though it's no secret that Tesla continues to work tirelessly to improve its battery technology, both from a hardware and software perspective."Tesla's Model 3 sedan will mark the company's entrance to the "mass market" with an expected price tag in the $35,000 to $45,000 range. A release date has yet to be established but the company plans on unveiling a design in March 2016 with a release date set for late 2017."There is no agenda to sell to wealthy customers only," Musk said, according to Nola.com. Tesla's flagship Model S sedan's starting price is $57,500 after incentives and gas savings and can rise over $100,000 depending on added options and features.Tesla has kept its Model 3 plans a mystery and there is still a lot we don't know. What is known is that the Model 3 will be smaller than the Model S sedan, by as much as 20 percent. This fact has caused concern over the fact that a smaller car means a smaller battery but the latest report should dispel "range anxiety" for hopeful buyers.