This week Tesla announces the release of a new lower-cost, mid-range version of its Model 3 sedan. Elon Musk took to Twitter to introduce the vehicle, then adding, "Costs $35k after federal & state tax rebates in California, but true cost of ownership is closer to $31k after gas savings." The company's website, however, has the new Model 3 starting at $45,000 — advertised as costing $30,700 after estimated savings — with $45k being confirmed as the sticker price.

"As Model 3 production and sales continue to grow rapidly, we've achieved a steady volume in manufacturing capacity, allowing us to diversify our product offering to even more customers," Tesla revealed to CNBC in a statement. "Our new Mid-Range Battery is being introduced this week in the U.S. and Canada to better meet the varying range needs of the many customers eager to own Model 3, and our delivery estimate for customers who have ordered the Standard Battery is 4-6 months."

With an estimated range of 260 miles, the mid-range ride has a battery with fewer cells than those in Tesla's previous versions of the Model 3. For more on the new-low cost vehicle from Elon Musk and Tesla, visit the company's website.

In related news, Elon Musk recently donated $480,000 and clean drinking water fountains to Flint Community Schools.

What To Read Next