Tesla’s Model 3 Has a New Price Point

The electric car company, Tesla, is now producing its Model 3 cars at a new price point of $35,000. Before this new price launch, the cheapest Model 3 sedan cost $42,900. This $7,900 drop in price is making Tesla’s cars more affordable, thus advancing their mission statement of “accelerating the world’s transition to sustainable energy.” Elon Musk, the company’s CEO, has told reporters that making the Model 3 at this reduced price has been “excruciatingly difficult.” The car will still have the awe-striking features that the more expensive ones have, such as 200 miles of range, a 130 mph top speed, and the iconic screen in the dashboard.

Tesla also said that it’s introducing a new version, called the “Model 3 Standard Range Plus,” which will give an extra 20 miles of range and an additional 10 mph to the top speed. Its price will be $37,000 before incentives. To achieve these new price tags, Tesla said it was closing stores and shifting sales worldwide to online only. It also changed its return policy, allowing customers to bring back a car within 7 days or 1,000 miles for a full refund. However, this slash in price might be too little too late, considering federal tax credits for Tesla-made EVs were slashed from $7,500 to $3,750 at the beginning of the year.