Highlights From Today’s $35,000 Tesla Model 3 Announcement
Concisely summed up in simple numerical form for you right below.
Here are the main points from the Model 3 announcement earlier today. Check them out.
- Model 3 Standard-Range is now available to order for $35,000.
- Tesla releases a new Model 3 version called ‘Standard Range Plus’ for $37,000 with a partial premium interior.
- Model 3 LR is now back. It was discontinued when Tesla introduced the Mid-Range version.
- Model 3 LR now displays 325 miles EPA rated range instead of 310 miles. That means Tesla has stopped voluntarily reducing the score. LR’s score was already 325 miles but Tesla was reducing it to 310 to advertise the same range for LR, LR AWD, and Performance versions.
- The Autopilot page on S/X/3 Design Studio shows two Fully-Self-Driving features to be released later this year. I think that means Autopilot 3.0 hardware should be released soon because it will be needed for these features.
- Model X Standard Range version is now discontinued.
- The price of Model 3 Mid-Range, Long Range AWD and Performance versions have dropped by $2,900. MR starts now at $40.000 instead of $42,900. Long-Range AWD at $47,000 instead of $49,900 and P at $58,000 instead of $60,900.
- Autopilot is now $3,000 instead of $5,000 and it is now called just ‘Autopilot’ instead of ‘Enhanced Autopilot’
- Tesla has now moved three features from the Enhanced Autopilot option to the Fully Self-Driving option (Navigate on Autopilot, Autopark, Summon). This is important for financial reasons because Tesla has been selling the Fully-Self-Driving option since October 2014 but the money they collected so far didn’t count as sales. Until now, 0% of Fully-Self-Driving features had been released. Therefore even though about 43,000 buyers might have bought FSD until now (my estimate) and Tesla collected about $215 million, this would go to the balance sheet as deferred revenue. With this new change, Tesla is looking at completing FSD features quicker for those who already bought it and they will start selling FSD to new buyers that is already 40% complete (my estimate).
- The Fully Self-Driving option is now back in the Design Studio and the price before delivery is now $5,000 instead of $3,000.
- In a blog post today Tesla says they will shut down all of their stores and switch to online sales only. They will keep a few locations but those will be converted into galleries instead of stores.
- If you are not happy with your purchase, you can now return the car within 7 days and 1,000 miles.
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