Tesla to Unveil Model 3, Updated Model S (Report)

Courtesy of Tesla

Fresh speculation over the carmaker's Oct. 9 unveiling points to new models.

A Wall Street analyst predicts that Tesla will unveil a prototype of its Model 3 sedan at an event Oct. 9 at the Hawthorne, Calif., airport.

Analyst Trip Chowdhry with Global Equities Research said in a note Friday that the event would also include the unveiling of an upgraded Model S, for now Tesla's only car, including all-wheel drive and semi-autonomous driver-assistance, Marketwatch reported.

The prediction follows cryptic postings on Twitter earlier this week by Tesla CEO Elon Musk that it was "about time to unveil the D and something else." (The consensus among automotive experts was that the 'D' was a reference to the all-wheel drive system for the Model S.)

The Model 3, scheduled to enter production in 2017, is Tesla's bid to build a mainstream electric car priced at around $40,000. The gigafactory the carmaker recently awarded to Nevada after the state offered more than $1 billion in tax and other incentives is meant to lower the cost of lithium-ion batteries, still the most expensive component in an electric car, through economies of scale that will allow midrange electric cars to manufactured at a profit.

THR.com will provide live coverage of the event on Oct. 9.

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