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Tesla cuts Model 3 price for second time this year
The second price cut now brings the cost of its least expensive variant to $42,900
A 2018 Tesla Model 3 electric vehicle is shown in this photo illustration taken in Cardiff, California, US, June 1, 2018. PHOTO: REUTERS
Electric carmaker Tesla is lowering the price of its Model 3 by $1,100, citing the end of a costly customer referral program, a company spokeswoman said on Wednesday.
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The second price cut to the Model 3 this year now brings the cost of its least expensive variant to $42,900, according to the company's website.
Tesla’s customer referral incentive plan ended on February 1 after Chief Executive Officer Elon Musk had tweeted that the referral program was “adding too much cost to the cars, especially Model 3”.
Tesla delivered fewer-than-expected Model 3 sedans in the fourth quarter and cut prices for all its vehicles in the United States to offset a reduction in a green tax credit.
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The company is rapidly increasing production of its Model 3 sedan and lower prices could help it reach a broader customer base than its pure luxury vehicles.
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The second price cut to the Model 3 this year now brings the cost of its least expensive variant to $42,900, according to the company's website.
Tesla’s customer referral incentive plan ended on February 1 after Chief Executive Officer Elon Musk had tweeted that the referral program was “adding too much cost to the cars, especially Model 3”.
Tesla delivered fewer-than-expected Model 3 sedans in the fourth quarter and cut prices for all its vehicles in the United States to offset a reduction in a green tax credit.
Tesla CEO Elon Musk taunts US financial regulatory agency
The company is rapidly increasing production of its Model 3 sedan and lower prices could help it reach a broader customer base than its pure luxury vehicles.