The car it announced on Wednesday is called the Tesla Model S 70D and it'll start at $75,000, although buyers are eligible for a federal tax credit that brings the price down to $67,500. The Model S starts at $70,000.
The "D" stands for dual motor, which will come standard. The car has all-wheel-drive, 514 horsepower and a 0-60 acceleration time of 5.2 seconds. It will also have a 70 KW-Hour battery and a 240 mile driving range.
And here's another wrinkle, as of today the $70,000 version of the Model S will no longer be available new. Tesla (TSLA) is taking it out of its lineup.
Tesla is still working on a cheaper entry-level vehicle, the hotly awaited Model 3 which is expected to start at $34,000. This isn't it. The Model 3 won't be available for a couple more years.
Related: America's Greenest cars
Tesla's new Model S 70D will start at $75,000 but cost a lot less after a federal tax break. CNNMoney (New York) April 8, 2015: 7:58 AM ET
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