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.
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