Tesla is on track to sell over 20,000 of its Model S sedans this year, despite its starting price of $70,000, but a half price deal is on the way.
During the company’s earnings call yesterday, company CEO Elon Musk said that a less expensive model is on track for a 2016 launch.
Reuters reports that the so-called Gen 3 car will cost $35,000 before credits, about the same as today’s Ford Focus Electric and Chevrolet Volt. BMW will begin selling the new i3 compact next year with a base price of $42,275 and a range between 80-100 miles per charge.
Musk added that the compact sedan would have a range of 200 miles per charge, approximately double that of every other electric car currently on sale except for the Model S, which comes in 208 and 265 mile versions.
Before the new sedan, however, Tesla will start selling the Model X crossover in 2014. A concept of the seven-passenger CUV unveiled last year features unique, upward opening “falcon doors” for the rear passengers that the company says will make it into production, but some analysts are unsure that they will pass federal crash regulations and make it into production.