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Friday, April 19, 2024

Tesla Model 3 Long Range Returns With $10K Price Cut – Tesla (NASDAQ:TSLA)

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EV giant Tesla Inc TSLA has restarted taking orders for its Model 3 Long Range in the U.S. after an eight-month-long pause.

What Happened: The Tesla Model 3 Long Range is now available to order on Tesla’s website for $47,240, with deliveries estimated in June.

The vehicle previously cost $57,990, according to Electrek, indicating an 18.5% cut from the time it was last priced before orders were halted.

Longer Wait Time: The Long Range has a longer wait time than the Model 3 Rear-Wheel drive and Performance versions, both of which will be delivered in May itself as per the website.

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The Long Range is only eligible for a $3,750 tax credit like the rear-wheel drive, possibly because the batteries are not manufactured in the U.S. The Model 3 Performance, however, is eligible for a $7,500 tax credit.

See Also: Everything You Need To Know About Tesla Stock

Why It Matters: Tesla stopped taking Model 3 Long Range orders in August. The website then showed that the car would be available in 2023.

Musk had pegged the reason for the pause to a long waitlist. “Will enable again as we ramp production,” he had said.

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

Read More: Tesla Takes Yet Another U-Turn With Price Hike On Model 3, Y Variants

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