Tesla Announces $45,000 Mid-Range Model 3

Tesla Announces $45,000 Mid-Range Model 3

Tesla Announces $45,000 Mid-Range Model 3

Musk late Thursday announced Tesla's lowest-cost version yet of its newest auto, with the CEO writing in a tweet that the mid-range Model 3 "costs $35k after federal & state tax rebates in California", but pegging its ultimate ownership cost at an even lower price point given the money saved not buying gas.

The new midrange version of the Model 3 has a single motor and rear-wheel drive, and a battery pack that will go around 260 miles on a charge. Right now, these models begin around $55,000-$65,000, a far cry from the $35,000 starting price Tesla originally promised for its small sedan. Tesla also confirmed that the $35,000 base model some customers may be waiting for will not be manufactured this year, meaning it won't get the $7,500 credit.

The company has also chosen to remove the "Full Self-Driving Capability" package from its online vehicle design studio, according to Electrek.

Deliveries of the new vehicle could begin in as little as six weeks.

Despite all those caveats, Musk followed up his order page tweet with another tweet on Thursday night arguing that the "true cost of ownership is closer to $31k after gas savings". The Model 3 state rebate is $2,500 in California and $5,000 in CT.

The company has announced a new midrange version of the Model 3 that starts at $45,000. The mid-range battery model, which has an estimated battery range of 418 kilometres, is now available to order in Canada and the United States of America ($45,000 USD).

This new option is priced at $31,200, after factoring federal tax credits, state tax incentives, and estimated energy savings from using electricity. Despite production issues that have slow deliveries, there are plenty of Model 3s already on the road although none were sold at that promised $35,000 price point. Musk has said that the company plans to offer a version of the auto that will have a base price of just $35,000 before any tax incentives.

Tesla still hasn't introduced the base Model 3, but at least now it's bringing out a mid-range battery model priced from $46,200.

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