Tesla’s Newest, Cheapest Model 3 Sedan Is Coming

Tesla Model 3

The Model 3 sedan now being offered by Tesla can travel about 260 miles between charges and costs $45,000, some $4,000 below the starting price of the sedan that the company began selling past year, excluding options and incentives.

For investors, the latest Model 3 may heighten scrutiny of gross margins.

But that price takes into account federal and state tax rebates.

Tesla confirmed to Green Car Reports that the 220-mile Standard Range model-the one that was originally targeted for a $35,000 price-remains 4-6 months out.

To get the Mid Range into production quicker than previously anticipated, Tesla uses the same battery as the Long Range but packs it with fewer cells.

Tesla has not said if customers who have already purchased cars with the option will be offered any type of compensation.

The more affordable Tesla sports a 260-mile range, a 125 miles per hour top speed, and goes from 0 to 60 in 5.6 seconds. But Musk said a "truer cost of ownership" for the midrange version would be about $31,000, his estimate for discounting the cost of gas.

Tesla, meanwhile, also has eliminated the option for buyers to pay an extra $3,000 for a "full self-driving" feature in their cars that isn't yet ready, but which has been available for order for the past two years.

The world still awaits the $35,000 sedan promised by Tesla founder Elon Musk back in March 2016.

The surprise announcement, delivered via tweet to Musk's 23 million followers, comes as Tesla seeks to steer attention away from a chaotic period in which Musk battled with critics, smoked marijuana during an interview and pledged that he had the money to take Tesla private - a promise for which he was sued by the Securities and Exchange Commission, and which he recently settled.

Consumers can begin ordering the new vehicle online and it will be available for delivery in about six to 10 weeks, according to Tesla.

The company has relased and is taking orders for a "lower cost, mid-range" version of its mass-production vehicle, Tesla CEO Elon Musk announced Thursday on Twitter. It is not clear how numerous more than 400,000 reservations for the Model 3 are for the base models.

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