The Affordable Tesla: Elon Musk Unveils Tesla's Cheapest Electric Car - Model 3

The Affordable Tesla: Elon Musk Unveils Tesla's Cheapest Electric Car - Model 3

But if you still want to hold out for an even cheaper Tesla, the company has promised a base model that will cost $35,000 sometime in 2019. Musk stated that the vehicle: "Costs $35k after federal & state tax rebates in California, but true cost of ownership is closer to $31k after gas savings".

While the electric-car maker was always expected to announce a less expensive variant of the Model 3, there's been no discussion of a mid-range version that would come in between Tesla's long-range and promised standard-battery versions.

Someone in Zimbabwe is fed up with queuing for fuel - they have bought an electric-powered Tesla Model X.

Tesla is calling the new variant a mid-range Model 3 - a nod to the fact that the automaker is still planning to bring to market a $35,000 version of the Model 3 with 220 miles of range. The company, under Elon Musk, has treated vehicle production in a way most people treat phones - regular software updates add more features, and every now and then, Elon Musk adds some fuel (pardon the pun) to the fire by making some extravagant claim that most of us have learned by now to know is extravagant.

Tesla says the "standard battery" version will not be available for another 4 to 6 months.

Tesla shares rose 1.3% to $267.43 in German trading compared to the previous day's U.S. close as of 10:45 Frankfurt.

The $45,000 Model 3 will also lack advanced Autopilot functionality, which would cost another $5,000, and will stick to rear wheel drive as opposed to the all-wheel-drive option for the mid-range. It's not quite as zippy as the Model 3 Performance our colleagues at Motor Trend clocked at 2.3 seconds, but it's reasonable for its price point.

Tesla's website puts the new car's purchase price at $45,000 before fees and taxes.

Adding the mid-priced version of the Model 3 appears to be a strategic way to lure possible buyers who had been waiting for the lower-priced version. The range is an EPA estimated 260mi on a single charge, roughly 70 miles fewer than the most powerful performance model option.

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