Tesla has announced a cheaper version of the Tesla Model 3. The $45,000 version will forgo some of the range, 260 miles versus 310 miles, of the more expensive Model 3 cars. The cheaper Model 3 is rear-wheel-drive while the upscale versions have dual motors. Also the 8 year warranty for the cheaper version is valid for only 100,000 miles, while the more upper echelon Model 3 versions have 8 year / 120,000 mile warranties. 20" rims are not available as an option on the $45,000 electric car. The new version has a delivery period of six to 10 weeks, according to the website, which would customers eligible for the current $7,500 U.S. tax credit if they take delivery by the end of the year. The tax credit for Tesla cars will drop by half on Jan. 1. Although Tesla has promised a base-level version of the Model 3 priced at $35,000, so far it has only produced higher-cost versions starting at about $49,000. Tesla has said that it would not manufacture the base-level version of the Model 3 this year.