When he’s not waxing poetic about floors and digging giant holes in the ground, Elon Musk runs an electric car company. Late Sunday night, he tweeted the biggest news yet in Tesla’s short history. The Model 3, a more affordable Tesla, will roll off the assembly line on Friday.
The electric-car maker hit a market value of $50.84 billion on Monday, edging past GM () at $50.79 billion.
The price and range of the five-seater should make the vehicle appeal to new types of customers and could boost interest in other electric vehicles.
The world is patiently waiting for Tesla’s “common man” offering, and now we have even more reason to look forward to a Tesla compact sedan. CEO Elon Musk has revealed the Model III will achieve a driving range of at least 200 miles on a single charge, and in Musk’s words, “hopefully a fair bit more than that.”