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

Mae Love
February 7, 2019

Tesla has cut the starting price of its Model 3 sedan by more than $1,000, bringing it closer to its long-fabled $35,000 price tag.

Tesla is slashing the price of the Model 3 for a second time this year, days after rearranging the pricing and versions of the Model S and Model X amid mild price cuts.

All versions of the Model 3 will cost US$1,100 less, lowering the starting price of the vehicle to $42,900.

A Tesla Model 3 now starts at $58,600 CAD for the Mid Range Battery, Rear-Wheel Drive model in Canada.

The price drop is another in a series of reductions made by the EV maker, the last of which occurred in the new year when Tesla's USA federal tax credit was reduced by half from $US7,500 to $US3,750.

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Musk announced the new $1,100 cut in a late Tuesday tweet. Elon Musk promoted the new price cut on Twitter by pointing out that it brings the effective cost of ownership below that mark after federal tax credits and fuel savings over a similar gas-powered auto.

On Twitter, Tesla fans weren't thrilled about spending more than $35,000 on the Model 3 and were annoyed about the slight price drop. "It's a super hard grind".

"Getting those costs down...is what allows us to lower price and become financially sustainable and achieve goal of environmental sustainability", Musk said. A spokesman said the program cost far more than the company had realized.

The referral program that ended at the beginning of February gave new buyers six months of free charging and prizes for existing owners such as launching personal photos into deep space or invites to a Tesla event.

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