Tesla Model 3 vehicles are on sale at a Tesla factory in Long Beach, California, USA on May 22, 2023. Portal/Mike Blake acquires license rights
Oct 5 (Portal) – Elon Musk-led Tesla (TSLA.O) cut prices for its Model 3 and Model Y vehicles by about 2.7% to 4.2% in the U.S., according to the manufacturer’s website of electric vehicles (EV) on Thursday showed a month after it cut prices for its Model S and Model X premium cars.
Tesla has aggressively cut prices this year to counter the impact of a slowing electric vehicle market while fending off competition from upstarts and incumbents.
The Model 3 sedan is $1,250 cheaper at $38,990, while prices for the long-range Model Y variant have been cut by $2,000 to $48,490, the automaker’s website shows.
Prices for the standard Model 3 are down about 17% year-to-date, while prices for the long-range Model Y variant are down over 26%.
The Model 3 price cuts also come as deliveries of the updated and more expensive standard version are expected to begin in the fourth quarter.
The automaker missed market estimates for third-quarter deliveries earlier this week after planned upgrades at its factories to introduce the newer version of the Model 3 mass-market sedan led to production halts.
Tesla also cut prices for its higher-priced Model Y and Model 3 variants on Thursday.
The price of the base rear-wheel-drive Model Y, which Tesla reintroduced earlier this week, remained the same at $43,990.
Prices for the premium Model S and Model X did not change on Thursday.
Reporting by Urvi Dugar, Jyoti Narayan, Nilutpal Timsina and Shubham Kalia in Bengaluru; Editing by Rashmi Aich, Varun HK and Nivedita Bhattacharjee
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