Tesla has launched a cheaper variant of the Model Y, bringing its sport utility vehicle’s price closer to that of its Model 3 sedan, the electric-car maker’s least expensive car. The new Standard Range Model Y is priced at $43,190 including destination fee, only $4,000 more than the entry-level Model 3, according to the company’s website.
According to the EPA, the standard range Model Y provides an estimated 244 miles of range, as compared to the 326 miles for the Long Range version and 303 miles for the Performance model. The Standard Range Model Y uses a single motor and is rear-wheel drive. The next-higher Model Y, the dual-motor Long Range, has all-wheel drive and is $8,000 more expensive. It’s $51,190 starting price (including destination) is itself the result of a $3,000 price cut last summer. The dual-motor all-wheel-drive Performance model is the top-spec version and starts at $61,190 including destination.
The price cut comes as the Ford Mustang Mach-E is arriving in showrooms. The most affordable Mach-E, the Select trim, starts at $43,995 including destination fee, but subtracting the $7,500 federal tax credit drops the price down to $36,495 (there are further state-level credits available as well). That’s for a rear-wheel-drive Select with the smaller, 76.8-kilowatt-hour Standard Range battery and 230 miles of range.
Tesla no longer qualifies for the federal tax credit.
Tesla quotes a 0-to-60-mph time of 5.3 seconds for the new Standard Range Model Y, against 4.8 seconds for the Long Range and 3.5 seconds for the Performance versions.
In other Model Y news, a third-row seat is also newly available. Listed as the Seven Seat Interior for $3,000, the package includes the two-passenger third-row seat, sliding seat tracks and reclining seatbacks for the second-row seats, a cargo area power release to fold the seatback, and USB-C charging in the third row.
Tesla’s new Model Y variants come days after the carmaker beat Wall Street targets for 2020 vehicle deliveries, driven by a steady rise in electric vehicle adoption, but narrowly missed its ambitious full-year target of half a million deliveries.
Reuters contributed to this report.