Tesla's Model 3 gets green light for sales in Europe

Tesla's Model 3 has been given the green light to hit the road in Europe, clearing the final hurdle for the European introduction of the battery-powered sedan expected next month.

The Model 3 is a crucial project for Tesla as the U.S. electric vehicle maker known for its high-price luxury cars 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 euros.

The Model 3 meets the requirements for approval on European roads, data published on the Netherlands Vehicles Authority's (RDW) website showed. The RDW is one of the authorities in Europe tasked with licensing vehicles and vehicle parts.

This stamp of approval comes at a pivotal time for Tesla, as it prepares for increasing competition, with established automakers planning to spend nearly $300 billion on electric vehicles and batteries in the coming years.

Tesla last week said it would cut thousands of jobs to rein in costs as it plans to increase production of lower-priced versions of the Model 3.