The Tesla Model 3 Standard is on its way to the UK for £37,990, slashing the entry price and running costs.

On sale now and starting deliveries in the coming weeks, the cut-price Model 3 follows the Model Y Standard and gets similar powertrain and equipment tweaks to cut the entry price.

Already on sale in the US, the Model 3 Standard replaces the Rear-Wheel Drive Model 3 and shaves £2,000 off the starting price. It’s also £7,000 cheaper than the Long Range Rear-Wheel Drive version that it sits below, which is now rebranded as Premium.

Changes include a switch to vegan cloth and leather instead of full faux leather, different 18-inch alloy wheels, and the Model 3 Standard also loses the subwoofer for the sound system, along with the rear touchscreen, Autosteer semi-autonomous driving functionality and ambient lighting.

There’s a slight dip in performance but it’s still able to do 0-62mph in 6.2 seconds. Top speed is electronically limited to 110mph, helping to cut the insurance rating.

Tesla now offers four versions of the Model 3 in the UK. These include the new entry-level Standard model at £37,990, plus the Premium Long Range Rear-Wheel Drive at £44,990, the Premium Long Range All-Wheel Drive at £49,990, and the top-rung Performance version at £59,990.