Tesla Inc (NASDAQ:TSLA) looks set to launch its key Model 3 electric car into the European market next month after clearing the final regulatory hurdle for its introduction, according to media reports.
Reuters pointed out that data published on the Netherlands Vehicles Authority’s (RDW) website showed the Model 3 meets the requirements for approval on European roads. RDW is one of the authorities in Europe tasked with licensing vehicles and vehicle parts.
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The Model 3 is a crucial project for Tesla as the US electric vehicle maker tries to reach the mass market with a more affordable option.
The cheapest version of the Model 3 is on sale from €58,800 euros ($66,800), while the most basic version of the more exclusive Model S starts around €89,000, Reuters said.
Last week Tesla said it would cut thousands of jobs in order to rein in costs as it plans to increase production of lower-priced versions of the Model 3.
In pre-market New York trading, Tesla shares were 0.6% higher at $304 each.
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