Tesla Starts Offering $45K Model 3

Tesla chief Elon Musk said late Thursday that the automaker was preparing to sell the cheapest version yet of its newest electric auto, the Model 3, signalling an attempt to get back to business after months of controversy. Tesla also likes to point out your gas savings, which amount to $4,300 over six years for the mid range Model 3.

While the true entry-level Model 3 has yet to arrive-that's the vehicle former CEO Elon Musk has promised would cost $35,000 and deliver 220 miles of range-this mid-spec, rear-wheel-drive version achieves 260 miles of EPA-estimated range.

Adding the mid-priced version of the Model 3 appears to be a strategic way to lure possible buyers who had been waiting for the lower-priced version.

But Tesla says it's able to build these slightly cheaper cars by using the same battery pack as the more expensive, longer-range cars but with fewer cells inside.

Tesla has not said if customers who have already purchased cars with the option will be offered any type of compensation. The long-range rear-wheel-drive auto will be available "off menu" for several days. By this time, Tesla vehicles will no longer be eligible for the full $7,500 federal tax credit as it will be reduced to $3,750 starting January 1st, 2019.

Musk said Tesla has set up a new web page to take orders for the lower priced Model 3.

The surprise announcement, delivered via tweet to Musk's 23 million followers, comes as Tesla seeks to steer attention away from a chaotic period in which Musk battled with critics, smoked marijuana during an interview and pledged that he had the money to take Tesla private - a promise for which he was sued by the Securities and Exchange Commission, and which he recently settled.

Along with the mid-range option release, Tesla has altered its entire pricing structure for the Model 3 - both of which were unexpected. Delivery is promised within 10 weeks of your order being placed. Chief Executive Officer Elon Musk tweeted late Thursday that the feature "was causing too much confusion". The all-wheel drive powertrain returned to its previous value of $5,000 which brings the long-range Model 3 to $54,000.

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