The Tesla Model S’ EPA ratings are finally here. When outfitted with an optional 85-kWh battery pack, the Environmental Protection Agency has determined that Tesla’s much-anticipated electric sedan will get 89 MPGe combined, with a 265-mile range.

While the range rating falls short of the automaker’s original 300-mile estimate, it does give the Model S the longest range of any EV on the market. While the 89 MPGe rating is lower than other electric models our there, the Model S is also bigger and more powerful than other comparable offerings.

While the Tesla Model S may be stronger than its electric competition, it also bears a much heftier price tag: $57,400 for the 40kWh model, $67,400 for the 60kWh version (both yet to be EPA rated), and $77,400 for the 85-kWh version (before tax credits).

Tesla hopes to sell 20,000 of the cars in 2013. But in a market already crowded with pricey electric vehicles, Tesla will have to convince prospective buyers that the Model S, which can cost twice as much as other electric cars, is worth the investment.