Saturday, 23 February, 2019

Tesla Model 3 Price Cut for Second Time This Year

Elon Musk Tesla Tesla CEO Elon Musk has blamed high import duties and logistics costs for a relatively expensive Model 3 in China. Source Shutterstock
Priscilla Morrison | 07 February, 2019, 21:58

"Getting those costs down...is what allows us to lower price and become financially sustainable and achieve goal of environmental sustainability", Musk said. After tax credits and estimated fuel savings, Tesla says the equivalent cost is $34,850.

A Tesla Model 3 is displayed during a media preview at the Auto China 2018 motor show in Beijing on April 25, 2018.

In a reply to a Twitter user asking about when Tesla would drop the Model 3 base price to $35,000, without credits, Musk said, "We're doing everything we can to get there.

Tesla Inc said on Wednesday it was lowering the price of its Model 3 sedan for the second time this year, moves that come in the wake of Tesla losing a tax credit that made its cars more affordable for USA buyers.

"The demand for - the demand for Model 3 is insanely high".

More news: RBI Slashes Repo Rate by 25 Basis Points, Changes Stance to 'Neutral'

The federal electric vehicle tax credit, which lowers the cost of a Tesla, dropped to $3,750 in January and will be halved again this summer before disappearing completely in 2020.

The incremental reductions in price are the result of a war Tesla's team is waging on bringing costs down.

"However, starting around May, we will need to deliver at least the mid-range Model 3 variant in all markets, as we need to reach more customers who can afford our vehicles", Elon Musk wrote in a blog post earlier this year.

Tesla ended its customer referral incentive plan on february 1 after Musk tweeted that the referral program was "adding too much cost to the cars, especially Model 3".

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