The Tesla Model 3 sedan comes with a $37,995 price tag.
In other words, the price for a Model 3 second-gen model is just shy of $1,000 more than the same model offered on the second-oldest model of the same year, the $47,000 Tesla Model S sedan.
The $1.1 million premium is only available to first-time buyers of the Model 3.
The Model 3 was announced earlier this month, but only as a “pre-order,” with no guarantees.
Tesla is not offering the Model S in the United States, which is a big reason why the premium is so high.
Tesla did not say when it would offer the second generation in the U.S., but the company does say that the Model 4, which starts at $75,000, will be available later this year.
While the second model is not a traditional electric car, it is similar to a conventional one, in that it uses a battery pack that can store enough energy to go for an hour on a charge.
The Model 3 comes with the same 16 kWh battery pack as the Model SE, but it has an extra 16 kWh of energy storage that can last a day on a single charge.
Tesla’s first-generation Model S was introduced in 2009, but the new models are designed for longer range, so it may be a while before they are available in the US.
Tesla says the first-gen Model S is the “most efficient, safest and most capable” electric vehicle in its lineup.