Tesla CEO Elon Musk announced a new lower priced version of Model 3. With a starting price of $45,000, the new version of the electric car is less expensive than the previously cheapest Model 3 whose starting price was $49,000. The mid-range battery of the new version can last 260 miles on a single charge. The long range battery can last 310 miles, but are priced at $54,000 or more.
The standard battery model of Tesla car, which is expected to go about 200 miles on a charge (starting price $35,000), won't be available for four to six more months. The delay is reportedly because Tesla still needs to raise more cash before it can roll out these cars. The company has indicated that it expects to become profitable in third and fourth quarters in 2018.