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Tesla Announces Newer, Cheaper Model S Cars

A new announcement by electric car manufacturer Tesla on Thursday indicates the company will be offering two cheaper versions of its new Model S electric car.

The pair will hold smaller batteries and will need to be charged more frequently.

Before tax incentives are applied, the current Model S Sedan will sell in the United States at $66,000 a piece, and the Model S starts at $76,000, but often costs around $100,000 with upgrade and other fees, according to Time.

The new rear-wheel drive Model S 60 and the all wheel drive Model S 60D will sell at $71,000 in the U.S. market and feature a range of 200 miles, according to Tesla’s statement. They will max out speed-wise at 130 miles per hour.

The 60 and 60D will come with a battery pack that utilizes 60 out of the 75 kilowatt-hours in its total capacity, giving them 218 and 210 miles of range, respectively. However, to use all 75 kilowatt-hours, car owners will have to purchase a software upgrade for the vehicle.

Time quoted Joseph Spak, an analyst at RBS Capital, who said the upgrade would cost between $8,500 and $9,000, depending on the time of its purchase.

Related: Saudi Arabia To Tax Foreign Residence As Oil Crisis Continues

The 60 kWh Model S launched in 2012. Tesla claims the two new models will offer better amenities then their discontinued predecessor.

The manufacturer aims to produce between 80,000 and 90,000 cars by the end of 2016, but first quarter production rates suggest that the company might not be on track to meet its set goals.

A total of 14,820 cars - 12,851 Model S and 2,659 Model X sports utility vehicles - left plant beltways in the first three months of 2016.

Model 3, Tesla’s most affordable car to date, will start at around $35,000 and reach American consumers by 2017.

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By Zainab Calcuttawala for Oilprice.com

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