Tesla raises mid-range Model 3 price days after launch
Tesla has raised the price of a new Model 3 with a smaller battery, only days after it went on sale.
The mid-range Model 3 now starts at $46,000, according to Tesla’s online configurator. The change, a $1,000 increase, comes five days after CEO Elon Musk announced the vehicle’s launch.
The electric-car maker said the price increase will not impact customers who already ordered a vehicle.
“We made a slight adjustment to our pricing for Model 3 following the introduction of the Mid Range Battery last week,” a Tesla spokesperson said. “We will honor the lower pricing for all in-progress orders.”
The mid-range Model 3 retains the same battery pack used in the long-range sedan but contains fewer cells. It has a range of 260 miles on one charge, compared to 310 miles for the long-range Model 3. The mid-range option also comes with rear-wheel drive. The long-range and performance Model 3s have all-wheel drive.
Tesla has said it built 53,239 Model 3 sedans in the third quarter, as the Palo Alto, California-based company continued to ramp up production of its first car aimed at the mass market. Up until the launch of the mid-range Model 3, Tesla only offered higher-priced versions of the car. An entry-level Model 3, with a starting price of around $35,000, is expected to arrive in 2019.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 352.56 | +12.92 | +3.80% |
A federal tax credit for electric cars will begin to phase out for Tesla buyers next year. Customers who receive their Tesla on or before Dec. 31, 2018, can claim the full $7,500 tax credit, according to Tesla. Partial tax credits of $3,750 and $1,875 will be available for deliveries made by June 30, 2019, and Dec. 31, 2019, respectively. Some states also offer incentives for electric cars.
Tesla is due to report third-quarter earnings after the closing bell Wednesday.