Sunday, 17 February, 2019

Tesla cuts Model 3 price again as tax credit is phased out

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
Laurie Berry | 07 February, 2019, 21:55

Tesla said in a statement that ending the costly referral program allowed it to cut the Model 3 price.

Tesla didn't comment on why it stopped this loyalty program, however, customers still hope that the Model 3 vehicle will be available at a more accessible price soon. After tax credits and estimated fuel savings, Tesla says the equivalent cost is $34,850.

Still waiting for that $35,000 Tesla Model 3?

Now, Tesla has updated its website to the new pricing which shows that once the federal tax credit of $US3,750 and a fuel savings (based on 10,000 miles and a cost of $US2.85 per gallon) are applied, United States drivers can buy the mid-range Model 3 for $US34,850 ($US49,049).

Oil rises 1 percent on signs of tightening global oil supply
US West Texas Intermediate (WTI) futures were at $55.13 per barrel, down 13 cents, or 0.24 percent, from their last settlement. According to latest OPEC forecasts, global oil demand will grow by 1.29mn bpd in 2019, the lowest rate of growth since 2013.

This doesn't mean Tesla has become more transparent when it comes to displaying actual pricing, a fact demonstrated yet again by Elon Musk's tweet below. "It's just like people literally don't have the money to buy the auto", Musk during the company's earnings call last week. Right now, our most affordable offering is the mid-range (264 mile) Model 3 with premium sound and interior at $44k.

Tesla is cutting US$1,100 from the base price of its vehicle designed for the mass market, the Model 3.

Tesla cut 7 percent of its workforce last month to trim costs and reduce the price of the auto.

Tesla CEO Elon Musk has confirmed that the electric automaker will start tooling for the upcoming Model Y, expected to enter production in 2020 at Nevada's Gigafactory.

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