Three years after he promised to sell an all-electric Model 3 mass-market sedan for $35,000 before incentives, Elon Musk is finally coming through. The Tesla Inc. chief executive announced Thursday that a low-priced, range version will soon be available in the U.S.

Musk also announced that the company91裸聊视频檚 cars will be sold online only. Retail stores will be converted into showrooms and information centers, he said. He didn91裸聊视频檛 say how many stores will close, or whether the shift will affect the company91裸聊视频檚 workforce.

Tesla promised a $35,000 Model 3 in March of 2016 and began taking refundable $1,000 deposits.

91裸聊视频淲e do not expect to be profitable in the first quarter,91裸聊视频� Musk said during a conference call Thursday, because of 91裸聊视频渟pecial charges91裸聊视频� and the costs of sending cars to China and Europe.

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There91裸聊视频檚 a lot going on,91裸聊视频� he said. A profit in the second quarter is 91裸聊视频渓ikely,91裸聊视频� he said.

Musk used his Twitter account Tuesday night to tease Thursday91裸聊视频檚 announcement. He continued teasing Wednesday, offering no details on the mystery. Between the stock market91裸聊视频檚 opening on Wednesday to the close on Thursday, Tesla stock gained more than $18 a share, or about 6 percent, finishing at $319.88.

The Model 3 news comes on the heels of a contempt charge filed against Musk on Monday by the U.S. Securities and Exchange Commission. The SEC claims Musk violated the fraud settlement reached with the agency last September by tweeting false information about the number of cars Tesla plans to produce this year, and by sending the tweet without getting corporate permission first, as the settlement requires.

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