Tesla Model 3 Performance is here. Here are 5 things that make it great, and 3 drawbacks.

Forget about Ludicrous, it's all about Performance.

After months of speculation, rumors and leaks, the worst kept secret of the automotive industry has become a reality: Tesla has finally launched the new Tesla Model 3 Performance.

Despite indications about the "Ludicrous" moniker, the name hasn't changed from the previous generation. But unlike the original Model 3 Performance, which was a very slightly upgraded (but quicker) variant of the old Long Range Model 3, the new Performance model is a major upgrade. Here are the most important details about the new Tesla Model 3 Performance.

The good points

It's quicker, and more powerful

There's no two ways about it: With a 2.9 second 0-60 mph time, this is the quickest Tesla Model 3 ever. It also has a 510 hp peak power, and a 163 mph top speed, making it second only to Model S Plaid.

It's also worth comparing the old and new Model 3 Performance. The original Tesla M3P had a 3.1 second 0-60 mph time and a 162 mph top speed, making the new model only slightly quicker and faster. However, at these levels of performance, every tenth of a second counts.

People will notice the difference

The original Model 3 Performance looked exactly the same as the other Model 3 versions, save for a carbon fibre spoiler on the back. The new version, however, should be a head turner, with 20-inch Warp Wheels with large, red brake calipers, as well as a sportier-looking front lip and rear diffuser, and (again) a carbon fibre spoiler.

As a result, the new M3P looks more aggressive and just better overall than the regular variant.

One cool detail: Even though the "Ludicrous" and "Plaid" monikers were not used in the official naming, you do get a "Ludicrous" speed badge on the back of the car, a reference to 80s comedy film Spaceballs.

Better brakes and suspension

This is massive. As a Tesla Model 3 Long Range owner, I can attest that the brakes and suspension sometimes feel a bit lacking, especially if you really step on it on a winding road. The Model 3 Performance should fix this, with larger brake rotors, calipers and performance brake pads, as well as improved springs, dampers, bushings, and stabilizer bars.

As Tesla puts it: "An all-new adaptive damping system keeps Model 3 Performance planted to the road , so you can confidently tackle corners at any speed with maximum control and comfort." If you like to drive a bit more aggressively, these improvements might be the biggest reason to go for the Performance variant.

New Track Mode

Eager to test your brand new Model 3 Performance on the track? Exclusive to this Model 3 you get a new Track mode, allowing you to calibrate stuff like handling balance, regenerative braking, stability assist and more. You also get a number of presets so you can quickly change from one driving mode to the other.

Sporty seats

Inside, you probably wouldn't notice anything new if it weren't for the new Sport Seats, which have a deeper, "more engaging" driver position. The front seats are both heated and ventilated, which should reduce sweating while you're accelerating at near-ludicrous speeds. The interior also features carbon fibre details, which is not available in other models.

Okay, but what are the drawbacks?

It's not all great, though. If you do opt for the quickest Model 3 Performance, you do lose on some fronts compared to the Model 3 Long Range.

Big price difference

We knew the Model 3 Performance would be pricier than the other variants, and at $52,990, it's not too bad — $5,250 more than the Long Range All-Wheel Drive model, and $14,000 more than the Rear-Wheel Drive variant. You do have to ask yourself whether it's worth it though, given that the Performance variant of the roomier Model Y is cheaper at $51,490.

Significantly lower range

This is a big one. Due to all of the performance enhancements it has, most notably the massive, 20-inch Warp Wheels, the Model 3 Performance takes a massive range hit. According to Tesla, it has 296 miles of estimated range. For comparison, the Long Range model has 341 miles of range, while the significantly cheaper Rear-Wheel Drive model has 272 miles of range.

Less ground clearance

This one is easy to miss, but it might be important for some buyers. The Model 3 performance has 5 inches of ground clearance, compared to 5.4 inches on other models. You don't want some nasty curb scraping the underside of your brand new Tesla, do you?