Published: Fri, October 19, 2018
Money | By Ralph Mccoy

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

The change in price structure means the long-range version has only All Wheel Drive (AWD) option and costs $54,000.

However, Tesla tsla is inching toward its target price for the Model 3.

Meanwhile, many reservation holders are still waiting for the $35,000 version to come to market.

Tesla is finally offering a less expensive version of its Model 3 electric auto.

And while Tesla said last week that only cars ordered by October 15 would be guaranteed delivery before the end of 2018, when the available federal tax credit for their purchase drops from $7,500 to $3,750, the Model 3 ordering website says that deliveries of the mid-range versions are possible within six to 10 weeks, which would get some in before the deadline.

The sticker price for the vehicle is $45,000, according to the company's website, though the electric automaker alleges that when incentives and gas savings are factored in the estimated cost is actually $31,200.

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We like the Tesla Model 3, and while we've enjoyed it in its rear-wheel-drive Long Range trim and its dual-motor Performance trim, what we've really been wanting to see is a Model 3 that gets closer in price to that fabled $35,000 mark that Elon Musk promised the world way back in 2016. The tax credit for Tesla cars will drop by half on January 1.

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

Until today, there's been two versions of the Model 3 available.

To date, the company had only been offering more expensive versions of the auto. In May he hinted a late summer or fall arrival and said that shipping the most affordable Model 3 right away would "cause Tesla to lose money and die". Musk has said that the company plans to offer a version of the auto that will have a base price of just $US35,000 before any tax incentives. While he has yet to deliver on that sticker price two and a half years later, demand has been strong, with sales rivaling some of the top-selling passenger cars in the U.S. last quarter.

The midrange version has the same battery pack as the long-range model but uses fewer cells.

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