Tesla announces $35,000 Model 3, is closing its stores to pay for it

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On Thursday afternoon, Tesla announced that it's finally ready to start selling the cheapest versions of its Model 3 electric vehicle. For $35,000-before any federal or local tax incentives-you can now order a rear-wheel drive Model 3 Standard Range. This car gets black paint and the as-yet unseen standard interior, which means manual (not power assisted) seat and steering adjustment, cloth trim, and a stripped-down audio system. Tesla says the cheapest Model 3 will have 220 miles of range, will hit 60mph (96km/h) in 5.6 seconds before topping out at 130mph (209km/h).

The company is also now offering a $37,000 Model 3 Standard Range Plus. This upgrades the performance slightly-now it's got 240 miles (386km) of range, shaves 0.3 seconds off the 0-60 time, and adds 10mph (16km/h) in top speed. And you get a "Partial Premium" interior, which restores the power seats, vegan synthetic leather, and a better audio system, among other features.

Tesla CEO Elon Musk said that anyone in the US who orders one of the new Model 3s should take delivery before June (when the IRS tax credit halves again), but priority will go to reservation holders.

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