Tesla announces a cheaper, midrange version of the Model 3

Tesla Model 3

This is still not the low-priced version promised when the auto was initially launched, but it does move this premium electric sedan closer to mainstream pricing.

Earlier this week Tesla revealed a freaky new referral programme that rewards owners by sending an image of their choice "etched in glass" to deep space. Musk has said the company, a cash-burning giant that faces billions of dollars in impending debts, must push out more profitable and expensive versions first: Shipping the cheapest "Model 3 right away (would) cause Tesla to lose money & die", he tweeted in May. Tesla is also selling long-range and performance models that both have a range of 310 miles per charge.

In New York, the $2,000 subsidy would get the price for the new Model 3 to $35,500 for buyers who meet the December 31 deadline.

Along with the announcement of its mid-range Model 3, Tesla also rolled out a few changes to its current product lineup. If you believe Tesla's calculations, the mid-range model's cost works out to $34,400 once you factor in that full tax credit and gas savings over a six-year period. This will be provided for free to customers who already paid for Full Self-Driving. Now customers can only purchase the company's driver-assist system, Enhanced Autopilot.

The owner of the vehicle is unknown - but they just might be the most practical person in Zimbabwe - certainly more practical than property tycoon Frank Buyanga, who recently imported a $2 million Bugatti Veyron.

Musk said on Twitter that the sedan, with its "midrange" battery pack, would cost $35,000 (roughly Rs. 25 lakhs), bringing it in line with the mass-market model he had promised for years would revolutionise the availability of electric cars. Until this week, Tesla had indicated a version with a smaller battery wouldn't go into high-volume production until the first quarter of 2019. The company's website, however, has the new Model 3 starting at $45,000 - advertised as costing $30,700 after estimated savings - with $45k being confirmed as the sticker price. That's great, and as Wired noted in its article about the new Model 3, this might very well be to Tesla what the iPhone XR is to Apple. However, Tesla's ambitious $35,000 base version is nowhere to be seen due to production issues.

What this means for the hundreds of thousands of people who pre-ordered the entry-level Model 3 is that they will have to wait until at least February before deliveries commence.

Daniel Sparks owns shares of Tesla.

Related news:

Hot News

isis-killer-beheading-video-story-top Virat Kohli reacts animatedly to Rohit Sharma’s delicate flick
Oct 22, 2018 - 18:57
It was the fifth time they have put on a double ton together, two more than any other partnership in world cricket. In the opening ODI, India emerged victorious by eight wickets with Kohli and Rohit Sharma smashing centuries each.

isis-killer-beheading-video-story-top Turkish employees of Saudi consulate give statements in Khashoggi probe
Oct 22, 2018 - 18:42
Khashoggi , a columnist for The Washington Post , had gone missing since entering the Saudi Consulate in Istanbul on October 2. Saudi Arabia has acknowledged that the critic died there, though says his death was the result of a "fistfight".

isis-killer-beheading-video-story-top Boilermaker defense fueled Purdue's rout of No. 2 Ohio State
Oct 22, 2018 - 17:24
The Buckeyes tried to turn up the pace and the intensity in the second half but that didn't work, either. Other Big Ten Conference teams in the AP Top 25 poll include No. 17 Penn State and No. 18 Iowa.

isis-killer-beheading-video-story-top Britain’s royal couple join mental health group hug on Australia’s Bondi Beach
Oct 20, 2018 - 14:16
The newly-married royals were on Cockatoo Island to cheer on competitors in the Invictus Jaguar Land Rover Driving Challenge. Harry and Meghan were given an NRL Indigenous All Stars team shirt each, and a 2019 official game ball for their baby.

isis-killer-beheading-video-story-top Saudi officials say Jamal Khashoggi killed in altercation, as scepticism grows
Oct 20, 2018 - 13:01
Reporter Josh Rogin ads that MBS is heading a commission to investigate the death which is very convenient for him. He called the Saudi confirmation of the murder a "great first step".

isis-killer-beheading-video-story-top Pakistan beat Australia to claim biggest ever Test win and clinch series
Oct 20, 2018 - 11:27
Pakistan made 282 in their first innings and then bowled out Australia for a paltry 145, gaining a match winning 137-run lead. Pakistan and Australia now head into a series of three Twenty20 internationals, with the first in Abu Dhabi on Wednesday.

isis-killer-beheading-video-story-top Paul Manafort to be sentenced on Virginia conviction in February
Oct 20, 2018 - 09:48
Manafort wore a green jail jumpsuit and sat in a wheelchair. "We need to get to the bottom of these very serious claims". Ellis' dismissal of the counts does not preclude prosecutors from refiling them at a later date if they choose.

isis-killer-beheading-video-story-top May and European Union consider extending transition to break Brexit impasse
Oct 19, 2018 - 20:13
He said the sticking point in the talks was the issue of how to sort out the Irish question. Any deal that is struck needs time to be approved by the British and European Parliaments .

isis-killer-beheading-video-story-top At least 50 killed as train runs over Dussehra revellers in Punjab
Oct 19, 2018 - 20:11
Revenue Minister Sukhbinder Sarkaria has been deputed to immediately reach Amritsar to oversee rescue operations. President Ram Nath Kovind offered condolences. "District authorities have been mobilised on war footing".

isis-killer-beheading-video-story-top Lottery officials warn of Mega Millions scam
Oct 19, 2018 - 19:14
The previous largest Mega Millions jackpot - $656 million - was split by by winners in Kansas, Illinois and Maryland in 2012. He calls these gamblers "infrequent players", and their participation helps boost jackpots to historic levels, he said.

isis-killer-beheading-video-story-top Trump Praises Montana Congressman Greg Gianforte for Body-Slamming Reporter Last May
Oct 19, 2018 - 19:13
President Trump blasted Democrat Senator Jon Tester for the second day in a row -this time calling him out for hypocrisy. He paid a $385 fine and completed 40 hours of community service and 20 hours of anger management counselling.

isis-killer-beheading-video-story-top Clayton Kershaw embarrassed the Brewers' Erik Kratz with a filthy breaking ball
Oct 19, 2018 - 19:09
The Milwaukee Brewers returned home Thursday evening, October 18 trailing the Los Angeles Dodgers three games to two in the NLCS. For the first time since the Milwaukee Brewers began their incredible late-season surge, their bats went cold enough to lose.

isis-killer-beheading-video-story-top Arsenal must improve to challenge Premier League's top teams - Unai Emery
Oct 19, 2018 - 18:27
The football, the future is tomorrow. "I want the mentality for the next match". "I'm thinking about Monday's match first. Individual things are not for now".

isis-killer-beheading-video-story-top UN Security Council condemns Afghan attacks
Oct 19, 2018 - 12:49
Austin Scott Miller, had wrapped up a meeting with the governor and were making their way to a helipad in the governor's compound. Several current and former officials confirmed the death of Abdul Raziq , 39, a close USA ally and fierce anti-Taliban fighter.

isis-killer-beheading-video-story-top Can women safely enter Sabarimala today?
Oct 18, 2018 - 10:57
The BJP rejected the allegation, saying the government was responsible for the "collapse" of law and order. The police booked at least 50 people for blocking another devotee Libi CS at Pathanamthitta bus stand.