Tesla unveils cheaper Model 3 with a 260-mile range at $45,000

Tesla has unveiled a cheaper Model 3, which is a midrange version of the vehicle exclusively sold up until now. The cheap Tesla Model 3 is still not the $35,000 base model CEO Elon Musk promised us way back in 2016. But the new mid-range Tesla Model 3 price starts at $45,000 and offers 260 miles of range.

Musk yesterday tweeted about the new option which is built with the same battery pack as the long-range (310 miles range) Model 3 but loaded with fewer cells. That makes the range shorter and of course, accounts for the lower price. The cheap Tesla Model 3 midrange offers you a top range of 260 miles on a single charge with a top speed of 125 mph (~201 km/h), achieving 60mph speed from 0 in 5.6 seconds, instead of 4.5 seconds for 0-60mph offered by the long-range trim, which offers 310 miles range on a single charge and a top speed of 145 mph (~233 km/h).

Model 3 Tesla

While the midrange Model 3 should be welcome news for Tesla fans who can’t afford up to $60,000 for an electric car, those in frostier climates will have to reconsider this option. The cheaper Model 3 trim doesn’t get the dual-motor all-wheel-drive option. Tesla is restricting the feature to the long-range option. The midrange option is getting a rear-wheel drive only. This shouldn’t break the deal for most people, anyway. Also, the 260 miles claimed range is not a bad deal for most people to use every day. Like the tradition in other models, adding advanced Autopilot features will cost you extra $5,000.

Tesla spokesperson said the company has achieved a steady volume in manufacturing capacity for the Model 3 which its production is growing rapidly with the sales. That enabled Tesla to diversify the model for varying demands. The new midrange battery Model 3 Tesla will be introduced this week in the US and Canada. Delivery is approximately in 6 to 10 weeks if you order today. Of course, the more customers order before you, the longer you would have to wait. The spokesperson said Tesla’s “delivery estimation for customers who have ordered the Standard Battery is 4 -6 months,” The Verge reports.

Tesla-Model-3

That being the case, customers who are holding a reservation for the cheapest Tesla model will have to wait until February. They will also miss the full $7,500 federal tax credit for electric car buyers. The incentive started phasing out after Tesla sold 200,000 vehicles in the US. From January 1st, 2019, the credit will be reduced by 50% and further slashed by 50% starting on July 1st, 2019, before vanishing completely.

The cheaper Model 3 may not be the vehicle Musk had promised the world since the price is still above $35,000. But it shows progress and could be enough for now.

Anna Domanska
Anna Domanska is an Industry Leaders Magazine author possessing wide-range of knowledge for Business News. She is an avid reader and writer of Business and CEO Magazines and a rigorous follower of Business Leaders.

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