Tesla has added a new Model 3 option to its lineup, featuring a range of 363 miles on a single charge. The Model 3 Long Range Rear-Wheel-Drive (RWD) is now available on the company’s configurator, with delivery slated for between July and August 2024.
Priced at under $35,000 after federal tax credits, this new option is Tesla’s most affordable electric vehicle (EV) to date. Its performance specs fall between the base model and the Long Range All-Wheel Drive (AWD) option, with a top speed of 125 MPH and a 0-60 time of 4.9 seconds. However, the AWD upgrade, which adds $5,000 to the price, only reduces the 0-60 time by 0.7 seconds.
In comparison, Hyundai’s Ioniq 6 LR offers similar range and pricing, but is not eligible for the federal EV tax credit. Tesla’s new Model 3 Long Range RWD is now the company’s cheapest EV, thanks to the federal tax credit, as the base Model 3 RWD, which uses lithium-iron phosphate (LFP) batteries from CATL in China, is not eligible for any rebate.
The introduction of this new model coincides with a decline in EV battery prices, with the price of LFP cells in China dropping by 51 percent over the past year. This drop in price has led to LFP battery packs being priced at $75 per kWh, making EVs comparable in price to combustion vehicles in China. Western efforts to match China’s battery production are expected to increase overcapacity and keep prices down.
Earlier this year, Tesla launched its refreshed Model 3 in the US, featuring mild exterior styling updates, new interior materials, ventilated front seats, a 17-speaker audio system, and a new eight-inch rear display.
