The new Tesla Model 3 variant with 363 miles of range may be the best EV deal on the U.S. market in the summer of 2024.

Tesla has reintroduced one of its best-value Model 3s to the line-up, with the return of the Long Range Rear-Wheel-Drive offering over 300-miles of range for $34,990 with the $7,500 federal tax credit.

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Tesla must be feeling the pressure from its sales decline and the rise of new competitors, because it's bringing back a special Model 3 variant that hasn't been on sale in five years: the rear-wheel-drive Long Range.

The rear-wheel-drive (RWD) version of the Long Range Model 3 will get an EPA-estimated range of 363 miles. That could be a significant addition to Tesla’s lineup at a time when production and sales are both drooping.

Tesla introduced the Model 3 LR RWD in the US, starting at $34,990 with the $7,500 federal tax credit, and it's again the segment's range king with 363 miles

At a base price of $43,880 (all prices include $1,390 destination), the Long Range RWD is $3,500 more expensive than the entry-level Model 3, filling the $8,500 gap between the standard rear-driver and the Long Range AWD variant.

Tesla on Thursday launched a new rear-wheel drive variant of its Model 3 long-range vehicle, at a price $5,000 lower than the all-wheel drive version, according to the electric vehicle maker's website.

Tesla has introduced a Model 3 option with 363 miles of range that will cost less than $35,000 after federal tax credits. The Model 3 Long Range Rear-Wheel-Drive is now on Tesla's configurator with deliveries slated between July and August 2024.