Tesla previously promised that the Model 3's base price will start at $35,000, but drivers were disappointed with the $49,000 price tag that was revealed when the vehicle was launched. It estimates the actual price, after estimated savings, at closer to $33,000, including gas savings, for a rear-wheel drive version with an estimated 260-mile range and a 5.6-second race to 60 miles an hour.
To get the Mid Range into production quicker than previously anticipated, Tesla uses the same battery as the Long Range but packs it with fewer cells.
Musk said Thursday the vehicle would be sold via Tesla's "super simple new order page", which estimated that delivery for its midrange model would take six to 10 weeks.
Tesla shares rose 1.3% to $267.43 in German trading compared to the previous day's USA close as of 10:45 a.m.in Frankfurt.
The only available Model 3 for the a year ago has been a long-range version, offered mostly at luxury prices.
Tesla also confirmed that the $35,000 base model some customers may be waiting for will not be manufactured this year, meaning it won't get the $7,500 credit.More news: Virat Kohli, Rohit Sharma shatter Sachin Tendulkar records in Guwahati
In addition to these changes, Tesla is temporarily removing the $3,000 Full Self-Driving option from all of its models, which it said prepared them for autonomous driving capability when the software is available to make it work. The total cost for the technology was $9,000 at the time of purchase, or $10,000 if you chose to upgrade after buying the vehicle.
The mid-range model is advertised as starting at $31,000 after state and federal tax credits and gas savings, which is an interesting way to display pricing on an ordering site.
Tesla's website puts the new car's purchase price at $45,000 before fees and taxes.
Tesla rolled out a new, simplified web page to take orders for the new Model 3 as part of the new product launch.
For investors, the latest Model 3 may heighten scrutiny of gross margins. It's not quite as zippy as the Model 3 Performance our colleagues at Motor Trend clocked at 2.3 seconds, but it's reasonable for its price point.