The price includes a $1,200 destination charge and does not reflect federal or state incentives.
Leasing on the Model S 60 starts at $667 a month.
"We've heard from a number of people who would like to buy a Model S, but can more easily afford it only at a lower price point," Tesla said in a statement.
High-end versions of the Model S sell for around $100,000.
The 60 kilowatt-hour version of the Model S is about $4,000 less than the previous base model.
The 2016 Tesla Model S 60D, an all-wheel-drive model, is priced at $72,200, including shipping.
Both versions are equipped with semi-autonomous Autopilot hardware.
The new Model S 60 delivers 210 miles of range, while the S 60D has a range of 218 miles.
Tesla said the new models have a top speed of 130 mph and 0-60 mph acceleration in 5.5 seconds.
The electric automaker's previous 60 kWh car was introduced in 2012 with a starting price of $69,900.
Edmunds says: This new pricing strategy should help the Model S reach a larger group of car shoppers.