During a media conference call today, Tesla CEO Elon Musk announced that the company will begin offering a single-motor version of its Model S with 70kWh battery pack. The new model will be priced at $70,000, restoring the previous entry level price point of the old Model S 60 that was replaced by the 70D in April. Musk said this cost is essentially the same as a gas-powered vehicle priced at $50,000 when you factor in incentives and gas savings over the vehicle's lifetime.

With today's addition, the new Tesla lineup is as follows:

• Model S P85D $105,000
• Model S 85D $85,000
• Model S 85 $80,000
• Model S 70D $75,000
• Model S 70 $70,000