Tesla Unveils Lower-Priced Model S Electric Sedan With Modified Battery

Tesla Motors has come up with a lower-priced version of Model S electric sedan with modified battery to limit the travel range to about 200 miles on a charge.

Priced tagged at $66,000, 9 percent lower than the previous price, it is said battery of the vehicle can be software-upgraded to improve the range to about 250 miles on one charge.

The first quarter sales of Model S have declined compared to the fourth quarter of last year. This may be the reason of price drop.

On the other hand, even though the sales of sedan were more on a year-over-year basis but the company faced production constraints. This further became an obstacle on sales.

The Model S faced suspension problem and safety regulator, National Highway Traffic Safety Administration (NHTSA), is said to be looking into the reports.

Meanwhile, a source said the company s reviewing the problem and as of now hasn’t found it to be a widespread issue.

Following the report the Tesla stock lost $3.13 a share to $229.36 with a fall of 2.6 percent by Thursday afternoon on Nasdaq Stock Market trading.

Tesla also unveiled Thursday Model S 60 and said it comes with a software-upgradable battery to increase the travel range about 250 miles on a charge. It will offer customers to access fast-charging network of the company without any extra fee.