Tesla Motors Inc. just rolled out its new, all-wheel drive Model X 60D. This addition serve as the crossover’s new entry model. It puts the Model X range further in line with Model S prices too. Beside the new crossover though, this week Wednesday had Tesla Motors announce that it will no longer guarantee repurchase values for its EVs. The end of the buyback program accesses Tesla to much of the cash that was set aside for buying back EVs at around 50 percent of their purchase value.
New Model X launches
The new Model X 60D is powered by a 60kWh battery pack. It is the latest addition to the Tesla EV range as well as the Model X’s new base model. It replaces the Model X 75D as the entry-range product and a has a suitable price tag at that. More affordable than ever, the 60D goes for $66,500 at its most standard.
Tesla says that this price only comes after tax incentives have been factored in. Buyers can otherwise expect a base price of $74,000 for the EV. Tesla pegged new Model X’s lease price at $866 a month. For this value, drivers gain access to a top speed of 130 mph, the capacity to cover around 200 miles on a single charge, and 0-60 acceleration in just 6 seconds.
“Like all Tesla vehicles, the 60D comes standard with active safety features and Autopilot hardware. The Model X 60D can later be upgraded through a software update to 75 kWh to increase range by about 20 percent.” – Tesla Motors Inc.
Details of the Model X 60D are available here. The Model S got a similar price drop several weeks back. It appears that Tesla is edging closer and closer to affordable EVs that are no longer exclusive to the rich and famous.
Money and growth trouble for Tesla
Tesla has been pushing for as much financial slack as it can get lately, and the introduction of its new crossover was not without consequence. The EV company also made an official withdrawal of it buyback program this week. The pressure is growing to make all of Tesla’s future endeavors a success, especially since its current actions aren’t scoring much favor among investors and the public.
From massive tax breaks to billion-dollar share sales, Tesla is making every move to widen its pockets for its approaching projects. Not least worrying of these is the 2017-due Model 3 concept. It’s affordability alone has pre-order numbers outdoing the firm’s actual user base. That means massive demand and a huge delivery rate expectation, much of which will be impossible to meet without wider pockets.
The latest money-freeing effort comes in the form of Tesla’s buyback cancellation. As of 1 July, the luxury EV maker will no longer secure a more than 50 percent repurchase price for the cars it sells. Now market forces will have a more direct influence in determining the price of used its EVs.
This is said to be a fine dismissal as Tesla owners will not be losing out on much. Currently, the price of a used Model S see rising demand and go for a very decent premium in the market. A company spokesperson said that dropping the buyback program will “keep interest rates as low as possible and offer a compelling lease and loan program to customers.”
More importantly though, doing away with the guarantee means Tesla Motors Inc. has to reserve less money for buying back old cars.