It’s not quite as affordable as the forthcoming Model 3, but Tesla today announced its lowest-priced Model S electric car yet. The new Model S 60 model starts at just $67,200 with destination, but still offers buyers a 210-mile range. The all-wheel-drive Model S 60D starts at $72,200 and has a 218-mile range. Those are big discounts compared to the $90,700 and $110,700 entry prices of the Model S P90 and P90D.

As its name suggests, the Tesla Model S’s battery pack is rated 60 kWh -- although the pack itself is actually capable of storing 75 kWh, buyers get the lower capacity unless they pay to upgrade. The rear-wheel-drive version has 315 horsepower and 325 pound-feet of torque, with a 0-to-60-mph time of 5.5 seconds. The 60D is rated at 328 hp, 387 lb-ft, and a 5.2-second run to 60 mph.

Despite the lower price, Tesla Model S 60 and 60D buyers can still add any of the options available on other versions of the car, and unlike Model 3 buyers, they’ll be able to access Tesla’s Supercharger network for free. The cars also come with the necessary hardware for Tesla’s AutoPilot semi-autonomous features, but enabling the function will cost $3,000.

The Tesla Model S 60 and 60D can also be upgraded to a 75-kWh battery pack that increases range. That costs $9,000 and should increase driving range to 249 and 259 miles, respectively. Tesla says that upgrade can be performed at any time after purchase of a Model S 60 by way of a software upgrade, because no physical changes to the battery are needed.

Source: Tesla Motors

Gallery: 2016 Tesla Model S Update

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As you know, Model S is designed to be a great car for every lifestyle, and we continue to make it even better. Last month we introduced design updates to Model S, and through continual software updates we've made Model S faster, smarter, safer and more enjoyable to drive. It's part of Tesla's relentless commitment to making its products better.

With these improvements, we've heard from a number of people who would like to buy a Model S, but can more easily afford it only at a lower price point. To respond to these requests, on Thursday June 9 we're introducing two new variants of Model S – Model S 60 and 60D, offering a compelling feature set and a great value at a new low price.

The new Model S 60 delivers more than 200 miles of range, a top speed of 130 mph and zero-to-60 acceleration in 5.5 seconds, starting at $66,000. The all-wheel drive option brings even more range and performance, beginning at $71,000. And every Tesla comes equipped with active safety features and Autopilot hardware.

Keep in mind that when comparing the price of any electric vehicle to an internal combustion vehicle, it's important to compare not just the out-of-pocket price, but also the effective cost of ownership. Factoring in annual fuel savings which typically ranges between $1,000 and $1,500, as well as available tax incentives, the effective cost of owning Model S 60 comes to about $50k.

And there are other advantages to owning a Tesla that add up over time, including:
  • Less maintenance – Tesla vehicles don't require regular maintenance like oil changes, fuel filters or smog checks. And our four-year/50,000 mile bumper to bumper warranty and eight-year/infinite mile battery and drive unit warranty come standard with Model S.
  • Ample charging options – for most Tesla owners, home charging provides plenty of range for daily travel, and with anEPA range of over 200 miles, that's still the case for Model S 60 and 60D. For long distance travel, there are many convenient Supercharger and Destination Charging locations throughout our network.
  • New features via free software updates – as with every Model S, the 60 and 60D will receive free over-the-air software updates that add functionality and continue to improve the driving experience for years to come.

To provide customers even more flexibility over time, Model S 60 and 60D owners may later choose to upgrade their vehicles to a 75kWh battery with a software update, should they want to add to their car's battery capacity in the future.