Electric Cars

Tesla cuts least expensive Model S price to $69K

Nice.

Emme Hall/Roadshow

Tesla loves rearranging its model lineups with little fanfare. It quietly discontinued the Model S 60, and now, it's making its Model S 75 more affordable.

Today, Tesla dropped the price of its least expensive model, the Model S 75, from $74,500 to $69,500. That price drop helps make its least expensive car more affordable, just $1,500 more expensive than the $68,000 Model S 60 the automaker discontinued recently.

The Model S 75 promises an EPA-estimated 249 miles of range and a 0-60 time of 5.5 seconds. All-wheel drive adds $5,000 to the purchase price, but it bumps up range by 10 miles and drops the acceleration figure by 0.3 seconds. The 75-kWh car remains the only Model S to offer rear-wheel drive.

Less expensive, more standard equipment -- what's not to like?

Tesla

Despite the lower price, Tesla added some standard equipment, too. The Model S 75 now sports a panoramic glass roof and automatic rear power liftgate. Tesla may giveth, but Tesla also taketh away -- the Model S 75 can no longer be had with smart air suspension, but the remaining variants can still opt for it.

Tesla also reduced the price to "unlock" additional battery capacity in some of its older models. Upgrading the Model S from 60 kWh to 75 kWh now costs just $2,000, down from $9,000. Post-facelift 70-kWh cars can boost battery capacity to 75 kWh for just $500 (formerly $3,500).

The automaker also dropped the price of the Model S 90D, with a 294-mile range and a 0-60 time of 4.2 seconds, to $87,500. It previously cost $89,500.

But, as with the options, Tesla will be raising prices on its most expensive models. The Model S 100D will jump to $97,500 from $95,000, and the Model S P100D increases to $140,000 from $134,500. These price hikes don't take effect until April 24, so buyers have one more week to take advantage of these slightly lower prices.

Tesla's full statement is below:

Periodically we have adjusted pricing and available options to best reflect the value of our products and our customers' preferences. Today's updates include slight price decreases to our 75, 75D and 90D models to account for the discontinuation of our 60 kWh models, and next week will be implementing slight price increases to our higher end 100D and P100D models. We expect our total average selling price to remain almost exactly the same.

Price increases for our 100D and P100D models will take effect on April 24, 2017 to best accommodate customers already in the order process, while price decreases for 75, 75D and 90D models will take effect today.

Update: Corrected the pre-adjustment MSRP of the Tesla Model S.

Now Playing: Watch this: Scaling down with the Tesla Model S for Kids
2:27