In adding the Standard trim, Tesla has renamed much of the rest of the Model 3 lineup. It now comes in Premium Rear-Wheel-Drive, starting at $42,490; Premium All-Wheel-Drive at $47,490; and the range-topping Performance at $54,490. (All prices exclude destination fees.)

Tesla announced the rollout of a new, cheaper version of its best-selling electric car on Tuesday in hopes the offering will help revive flagging sales.

The new $37,990 “standard” version is about 15 per cent cheaper than the previous base offering, and has a driving range that is 10 per cent less than the premium version.