Tesla reveals its smallest EV that sprints to 60 mph in 2.9 seconds – drivers sacrifice range but get upgraded interior
TESLA has pulled back the curtain on its latest performance model, packaging heart-stopping speed into the smallest car in the company's fleet.
The Tesla Model 3 Performance packs a 500 horsepower electric battery capable of sprinting to 60 mph in less than 3 seconds, the company claimed.
The newest version of the Model 3 Performance packs a heftier punch than the outgoing model.
Previous versions of the sport-equipped car had 455 hp.
Model 3 Performances now feature increased power, a lower ride, adaptive suspension, bigger brakes, ventilated seats, and more speakers.
It has a top speed of 163 mph, Tesla claimed.
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The upgraded model features the brand's Long-Range battery.
However, with 296 miles, the Performance has 45 fewer miles of range than its Longe Range AWD sister car.
Tesla fitted the sports car with several carbon fiber touches to remind drivers of the athletic nature.
A carbon fiber spoiler aids the car's exterior drag coefficient, while carbon fiber is lined on the dash.
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Red inset lights line the shoulder-height doors.
The vehicle is expected to hit the market with an under-$50,000 MSRP.
TESLA SALES
Tesla reported its quarterly earnings on April 23.
The company made significantly less money in the first quarter of 2024 compared to last year.
Profit is down 55% compared to the beginning of last year at $1.1 billion.
The company's profit dropoff was expected - Tesla previously announced earlier this month that it would lay off 10% of its global staff.
Tesla has faced significant headwinds in its global sales in the first part of 2024.
Electric vehicles vs gas
Pros and cons of EVs vs gasoline-powered vehicles
EV PROS:
- Convenient (when charging at home)
- Cheaper (depending on state or city)
- Cheaper maintenance, due to lack of mechanical parts
- Great for commuting
- Reduced CO2 emissions
- Federal and state tax incentives
- More performance (speed, handling - depending on the make and model)
EV CONS:
- Higher initial cost
- Higher insurance rates
- More frequent tire and brake replacement intervals
- Higher curb weight (thus causing more rapid wear on crucial parts)
- Low resale value
- High depreciation rates
- Lack of charging infrastructure
- Unreliable public charging (related: slow charging times)
- Poor winter and summer performance
- Lack of clean energy alternatives means more "dirty energy" from coal and nuclear sources
- Range anxiety
GAS PROS:
- Highly developed refueling infrastructure
- Fast refueling
- Cheaper insurance rates, depending on make, model, and configuration
- Established repair industry
- Lower initial cost
- Higher range before refueling, especially with hybrids
- Many manufacturers produce nearly emission-less engines
- Cheaper refueling, depending on the location
GAS PROS:
- Finite resource (related: heavy dependence on petroleum)
- Carbon emissions/greenhouse gases
- Higher repair costs
- Higher insurance rates, depending on make, model, and configuration
- Varying costs at the pump, depending on state, city, and county
Source: Car & Driver, Perch Energy, AutoWeek
Tesla attributed the profit drains to manufacturing changes for new models - like the rebooted Model 3 and Cybertruck - and price cuts across its fleet of cars.
However, the company also reported selling far fewer vehicles in the quarter than expected.
A rise in alternative EV options - including Hyundai and Kia in the US and BYD in China - has eaten into Tesla's giant electric vehicle market share.
Tesla delivered 387,000 vehicles after predicting it would deliver missing market expectations by around 13%.
CEO Elon Musk used his famous bravado to stike a more hopeful tone during the earnings call.
"I think we will have higher sales this year than last year," he said.
"In the future, gasoline cars that are not autonomous will be like riding a horse and using a flip phone."
Tesla is looking into the future with plans to further develop its autonomous vehicle strategy.
The company's Robotaxi network of self-driving cars is expected to be revealed in the back half of the year.
Musk announced that the company had slashed monthly subscriptions on autonomous features from $199 to $99.
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"If somebody doesn’t believe Tesla is going to solve autonomy, I think they should not be an investor in the company," he said on the call.