Tesla Cuts Prices Again of Top EV’ Models
Tesla Inc. cut the prices of its top-selling models again in the US, continuing its push to stoke demand and capitalize on easing supply constraints.
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Tesla Cuts Prices Again of Top EV Models as deliveries slipped in 3Q and fell shy of estimates!@Tesla cut the prices of its top-selling models again in the US, continuing its push to stoke demand and capitalize on easing supply constraints.#tesla #ev #shares pic.twitter.com/G38O6VGvTK
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The carmaker marked down the starting price of the base Model 3 by $1,250 to $38,990, and discounted the long-range version of the sedan by the same amount to $45,990.
- Carmaker lops up to $2,250 off Model 3, $2,000 off Model Y
- Deliveries slipped in the third quarter and fell shy of estimates
- The Model 3 sedan was lowered to $38,990 from $40,240.
Tesla also lopped $2,250 off the price of the performance version of the Model 3, which now starts at $50,990, and $2,000 off the long-range and performance versions of the Model Y sport utility vehicle, which now cost $48,490 and $52,490, respectively.
The company already reintroduced a cheaper version of the Model Y earlier this week.
Tesla delivered 435,059 vehicles during the last three months, down from the previous quarter and around 20,000 units short of what analysts were expecting. The company will need to sell 475,000 more cars in the coming months to meet its 1.8 million target for the year.
The biggest factor contributing to Tesla’s price cuts has been the lifting of production constraints that held the company back for years. It’s been ramping up new factories in Austin and near Berlin that opened in early 2022, giving Chief Executive Officer Elon Musk a scale advantage over incumbent manufacturers that are struggling to catch up in EVs.
Tesla still maintains a dominant position in the US electric vehicle market, though it’s increasingly relied on discounting to preserve its position.
