Tesla Model 3: 'Mid-Range' sedan launched

Tesla Model 3

As Electrek noted, rear-wheel drive is now exclusive to the mid-range battery pack and the long-range pack was reduced to one powertrain option: dual motor all-wheel drive.

As for the actual $35,000 Model 3, the vehicle will be referred to as the Model 3 Standard Range and should have 220 miles of range.

The launch of this new variant has also allowed Tesla to restructure the Model 3 line-up.

Tesla's new version of Model 3 starts at $45,000 - $4,000 below the previous starting price for Model 3.

Tesla founder Elon Musk announced on Twitter that the company is launching a new mid-range version of its smallest EV, the Tesla Model 3. Tesla's $35,000 figure is calculated from estimated tax rebates and "gas savings".

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

Musk sparked a frenzy of customer reservations in 2016 when he said the Model 3 would cost $35,000 before incentives, such as a $7,500 (roughly Rs. 5.5 lakhs) federal tax credit - a price point that would help Tesla expand beyond its traditional range of well-heeled buyers.

Model 3. Image source: Tesla.

The laser-etched photos - sent as part of the "Launch Your Photo into Deep Space Orbit" reward - would nearly certainly be sent up with SpaceX rockets. 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.

Daniel Sparks owns shares of Tesla.

The electric sedan is crucial to Tesla's goal of becoming a profitable, mainstream automaker.

It will be sporty, accelerating from zero to 60mph (0-100kph) in under six seconds. In response, the company promised an upcoming model with a standard battery pack that will remain faithful to the initial price promise.

It will be controlled via a touchscreen and each side of the steering wheel will have a single scroll button.

This $75,000 Model X was seen in Harare this week and is believed to be the first fully electrical vehicle to be delivered to the country. The company is targeting 25% gross margins by around midyear 2019.

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