Tesla’s Newest, Cheapest Model 3 Sedan Is Coming

Tesla Model 3

Its Model 3 deliveries, totaling 55,840, were slightly above expectations. So, if you do go with that option, your sweet Federal Tax credit is going to be diminished.

Musk also pointed out that the new mid-range Model 3 costs roughly U.S. $35,000 after federal and state tax rebates in California.

"Costs $35k after federal & state tax rebates in California, but true cost of ownership is closer to $31k after gas savings", tweeted Musk.

Since the auto was billed as the "affordable Tesla" when it was announced, the announcement was, for many, overdue-especially in light of the company's announcement of a $64,000 "performance" version earlier this year.

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.

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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. It's likely that some Model 3 customers who pre-ordered the $35,000 Model 3 in early 2016 won't benefit from any tax credit as a result. Despite production issues that have slow deliveries, there are plenty of Model 3s already on the road although none were sold at that promised $35,000 price point. A dual motor, all-wheel drive version with a long-range battery (310 miles) starts at $54,000. The Model 3 Performance, for example, has a base price of $US64,000 before any options are added - and that's before the tax incentives, but it also doesn't include features like the company's "Autopilot" driver-assist system, which many customers choose to add on.

Now there are three choices: The new one, the performance model, and a "long-range" version between the two.

Musk said on Twitter in May that if the company shipped the $35,000 version right away, Tesla would "lose money [and] die". Although he's promised that Model 3 will be out by the end of this year, some vehicle industry experts are dubious he'll deliver. That's about $4,000 less than the starting price of the sedan that went on sale previous year, excluding incentives or options.

The Mid Range is priced at $45,000 and has a range of 260 miles.

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