Tesla's new Model 3 to hit British roads in the middle of next year, Elon Musk says

Tesla put up the price of its Model 3 car by $1,000 yesterday (Source: Getty)

Tesla will bring its new lower-cost, mid-range Model 3 car to the UK in mid-2019, chief executive Elon Musk said this morning.

The car, which was launched last week, will also reach Australia at around the same time, Musk said on Twitter.

Tesla increased the price of the Model 3 by $1,000 (£775) to $46,000 yesterday, Reuters reported.

The company has previously said that the new car will be available to pre-order in Europe and China before the end of the year.

The carmaker’s share price has in the past been weighed down by its production capacity for the Model 3, with some customers waiting as long as two years.

Shares in the company soared 12 per cent last night as Tesla moved into the black, registering a $311m profit in the third quarter, up from a loss of $619m last year.

Revenue also outdid predictions from Refinitiv, hitting $6.82bn.