Tesla Model 3 price gets cut again, now starts at $42,900

Tesla Model 3 price gets cut again, now starts at $42,900

Tesla Model 3 price gets cut again, now starts at $42,900

Tesla has lowered the price of its Model 3 by $1,100 amid reports that USA sales fell precipitously in January despite a $2,000 reduction that went into effect at the beginning of the month. The federal credit is now US$3,750, but that expires at the end of the year.

The electric auto company now says on its website that the vehicle starts at $42,900, still a ways from its goal of lowering the base price to $35,000.

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In a statement to FOX Business, a spokesperson for the electric-car maker attributed the price cut to the ending of the referral program, "which cost far more than we realized". Tesla said on Tuesday it had cut the Model 3 price by $1,100, following a cut of as much as $2,000 in January.

"However, starting around May, we will need to deliver at least the mid-range Model 3 variant in all markets, as we need to reach more customers who can afford our vehicles", Elon Musk wrote in a blog post earlier this year.

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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 U.S. federal tax credit was reduced by half from $US7,500 to $US3,750.

These things take time, as pointed out by one follower on Twitter - to which Musk responded, "We're doing everything we can to get there. "It's a super hard grind".

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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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