Tesla Motors, Inc. (TSLA Quick QuoteTSLA - Free Report) has announced the launch of a cheaper version of Model S with a 60 kWh battery that comes in two variants, all-wheel drive and rear wheel drive. The rear wheel drive Model S 60 has a base price of $66,000, which can go down to $58,500 after a $7,500 federal tax credit. The car offers a range of 210 miles and a top speed of 130 mph, which can be increased to 246 miles and 140 mph, respectively, with a 75 kWh upgrade. Model S 60 can accelerate from 0 to 60 mph in 5.5 seconds.

Meanwhile, the all-wheel drive version, Model S 60D, has a base price of $71,000. The car offers a range of 218 miles and a top speed of 130 mph, which can be increased to 259 miles and 140 mph, respectively, with a 75 kWh upgrade. Model S 60D can accelerate from 0 to 60 mph in 5.2 seconds.

Both Model S 60 and 60D come with Tesla’s active safety features and Autopilot hardware.

Tesla has been working on providing variants of its products to boost sales. In Apr 2016, it updated the design and features of Model S, and increased the price of the base model by $1,500 to $71,500. Model S is now available with two new interior choices, figured ash wood and dark ash wood. The company has also removed the front grill of the vehicle and changed the headlights’ design. Additionally, it has added a HEPA air-filtration system like that of Model X. Further, Tesla upgraded the standard charger to 48 amps from 40 amps to enable faster charging.

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Tesla currently carries a Zacks Rank #4 (Sell). Some better-ranked automobile stocks include Lear Corp. (LEA Quick QuoteLEA - Free Report) , Superior Industries International, Inc. (SUP Quick QuoteSUP - Free Report) and Oshkosh Corporation (OSK Quick QuoteOSK - Free Report) . All the three stocks sport a Zacks Rank #1 (Strong Buy).

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