Tesla's less popular car models can now be yours for cheap, but there's a catch.
The automaker recently updated the webpages for its Model S and Model X EVs with Standard Range versions that have lower specifications but with a more affordable price.
Tesla's Model S and Model X EVs make up less than 5% of deliveries in its second financial quarter for 2023, per Bloomberg.
Less For More?
Tesla's Model S and Model X vehicles may be the company's high-end vehicles, but it's because of this designation (and its subsequent pricing) that makes them less popular. However, the company may have a solution for that.
Tesla's updated webpages for its two high-end EVs now feature an option to get a "Standard Range" version, which comes with less powerful specifications but with a more affordable price - $10,000 lower, to be exact.
For instance, Tesla's Model S Standard Range costs $78,490 - $10,000 less than the base Model S, which costs $88.490. Meanwhile, the Model X Standard Range costs the same as the typical Model S, while the base Model X is worth 10,000 more - $98.490, to be exact.
It is unknown if the Standard Range versions of the Model S and Model X are eligible for the $7,500 US tax credit the country has for EVs. The base Model S and Model X are still ineligible for tax credit as they don't comply with the Transportation Department's requirements.
A Tesla Model S car is displayed at a Tesla showroom on November 5, 2013 in Palo Alto, California.
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As previously mentioned, the Standard Range version of the Model S and Model X have less powerful specifications than their base models. The Model S Standard Range has an estimated effective range of 320 miles and can go from 0-60mph in 3.7 seconds.
In contrast, the base Model S has an estimated effective range of 405 miles and can go from 0-60mph in 3.1 seconds. As a result, there is an 85-mile difference in their estimated effective range and a 0.6 milliseconds difference in acceleration.
Meanwhile, the Model X Standard Range has an estimated effective range of 269 miles and can go from 0-60mph in 4.4 seconds. The base Model X, meanwhile, has an estimated effective range of 348 miles and can go from 0-60 mph in 3.8 seconds - a 79-mile and 0.6-second difference in range and acceleration, respectively.
Less Is More For Elon Musk
The introduction of the Model S and Model X's Standard Range versions is Tesla's latest move to accommodate the increased interest in its products without being too expensive. According to a July statement from Tesla CEO Elon Musk, the company must keep lowering prices if interest rates continued to rise.
He also warned that he was willing to sacrifice some margin to boost output and sales.
Musk's move to China is evidence of his willingness to sacrifice margins for profit. Bloomberg reported that Tesla cut the price of its higher-spec Model Ys in China by $1,900.
However, doing so may have renewed an EV price war in the Chinese market.
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