Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Tesla's Model 3 Long-Range Gets Price Hike For Third Time This Month, But It's Teeny

Published 23/02/2024, 07:24
Updated 23/02/2024, 08:40
© Reuters.  Tesla's Model 3 Long-Range Gets Price Hike For Third Time This Month, But It's Teeny

Benzinga - by Anan Ashraf, Benzinga Editor.

EV giant Tesla Inc (NASDAQ:TSLA) has increased the price of its Model 3 Long Range in the U.S. by $250. The prices of other variants of the lower-end electric sedan from the EV giant remain unchanged.

What Happened: The Model 3 Long Range now starts at $47,740 in the U.S. However, the price of the base rear-wheel-drive variant remains unchanged at $38,990.

The Model 3 stands as Tesla’s most affordable offering. Neither the Model 3 RWD nor the Long Range variant is eligible for any federal EV tax credit.

While the Performance variant of the sedan is currently unavailable on Tesla’s website, Tesla executive Martin Viecha confirmed its impending release in late January.

Why It Matters: This marks the third price hike for the Model 3 Long Range this month. At the beginning of February, the vehicle was priced at just $45,990, before experiencing successive increases of $1000 and then $500.

Earlier in the month, Tesla reduced the starting price of the rear-wheel-drive (RWD) and long-range versions of the Model Y SUV by $1,000. CEO Elon Musk attributed this price cut to an effort to boost vehicle deliveries amidst the seasonal slowdown in demand.

"Since most people don’t prefer to buy cars in the middle of winter, Tesla is offering a $1000 incentive to do so," Musk had stated.

Check out more of Benzinga's Future Of Mobility coverage by following this link.

Read More: Tesla Executive Says Fix For Vampire Drain In Sentry Mode Coming In Q2: ‘Power Consumption Needs Improvement'

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.