Tesla’s latest entry model ups the ante
Model S 70D, on sale now, has more luxury and range
Tesla Motors said Wednesday that it has a new lowest-priced model that has more features than the previous base model and costs about $5,000 more, at $76,200 including shipping.
The new entry car, Model S 70D, went on sale immediately.
Tesla sees the move as allowing its high-performance electric cars to better compete against leading luxury makers BMW and Mercedes-Benz.
Tesla has forecast sales of 55,000 vehicles — Model S variants and the as-yet-unlaunched Model X — this year. That would be up 70% from 2014 sales.
The electric-car maker’s shares zipped to a morning high of $213.50 in pre-market trading Wednesday, on word of the new model, then eased to $207.67 and closed at 2.2%, or $4.22, higher.
The new 70D has a 70-kilowatt battery good for 240 miles of range per battery charge and a zero-to-60-mph time of 5.2 sec- onds, the maker says. The D in the name designates all-wheeldrive, called “dual motor” in the Tesla world.
The previous entry version of the Model S was the 60, without all-wheel drive, priced at $71,100, including shipping.
The 60 not only lacked AWD but also had a shorter range between recharging stops, accelerated slower and didn’t include a navigation system, blind-spot monitor and automatic keyless access, items luxury buyers expect and now are standard on the 70D.
The new car also comes with the ability to use Tesla’s nationwide network of Superchargers for quick battery-pack refills on road trips. That was a $2,000 option on the 60.
The move is interesting given how Tesla has focused recently on improvements at the top of its car line, with the addition of a performance model over the summer, and not at the bottom. But it also shows how Tesla is more closely examining its competitive position.
When tax credits are taken into account — not everyone qualifies — the 70D will have a price in the mid- to high-$60,000 range.
Tesla officials say the car will compete head-to-head against Mercedes-Benz’s E-Series and BMW’s 5 Series.