Sparks fly over 'flaws' in Tesla Model 3

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According to the chief executive, the performance Model 3 would be priced at $78,000 (circa £58,100), which would put it in line with performance saloons such as the BMW M3.

Elon Musk has revealed that the performance version of the Model 3 will come with two electric motors, hit 60mph in 3.5 seconds and, says Musk, thrash a BMW M3.

Tesla Model 3 in pictures Mon, January 30, 2017 The Tesla Model 3, which is set to be released in 2018, in pictures.

"Car drives fine even if a motor breaks down", he tweeted. "Will beat anything in its class on the track", Musk tweeted. Not surprising, the souped-up Model 3 will cost you.

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By Sally Bakewell and Olga Kharif Elon Musk's Model 3, once touted as Tesla's $35,000 auto for the masses, can now set a buyer back nearly $80,000. The German sports sedan starts at $34,900, around the same figure as a Model 3 before factoring in the $7,500 federal tax credit.

Original Vision When Model 3 deliveries started in July, Tesla described the $35,000 price for a Model 3 with a standard battery with a 220-mile range before options or incentives. He compared the price tag to that of the BMW M3, however the German vehicle has a starting manufacturer's suggested retail price of about $66,500, Bloomberg noted.

The Model 3 with Long Range Battery and All Wheel Drive Dual Motor and the Performance versions are going from 12 to 18 months to just 6 to 9 months. The performance Model 3 also has a top speed of 155 miles per hour.

Tesla CEO Elon Musk confirmed the specs for the new cars and explained how the cars differed form each other and the standard single motor option.

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Model 3 base price is $35,000 and won't be available for at least another six months. With that, you can travel 0 to 60 miles per hour in 4.5 seconds with a top speed of 140 miles per hour, which is certainly not bad. Both models are pricier by far than the current Model 3, but they have an extra motor.

Musk's latest Twitter news announcement comes after Goldman Sachs said in a research note last week that Tesla might need to raise more than US$10 billion by 2020 to fund its automotive operations and achieve its targets.

Tesla has recently faced production problems, which have caused a sell-off in its stock.

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