Tesla knocks $1,100 off price of the Model 3

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Tesla knocks $1,100 off price of the Model 3

The starting cost of the Model 3 is now about $35,000, after about $8,000 of credits and fuel savings, Tesla Chief Executive Officer Elon Musk tweeted.

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

The big picture: Tesla has lowered the cost of its Model 3 for the second time in as many months although the entry-level electric sedan still hasn't reached the promised $35,000 base price.

Tesla typically only releases global quarterly sales figures, but Musk acknowledged on the call that sales had weakened in January, in part due to a "pull forward of demand" to December by many customers looking to beat a 50 percent cut in the tax credit Teslas are eligible for that occurred at the end of 2018.

For US$42,900 buyers will get a rear-wheel-drive Model 3 in black with Tesla's lower-range battery that goes 264 miles per charge.

"The demand for - the demand for Model 3 is insanely high".

Tesla has previously said in a statement that that ending the costly customer referral program has allowed it to cut the Model 3 price. "It's a super hard grind", he wrote.

The electric vehicle maker, which has been cutting costs as it looks to turn in profits this year, is also ramping up the production of the Model 3 as it tries to make the sedan more accessible for mainstream auto buyers.

Questioned by another follower as to how this would affect European prices - the first shipment of Model 3s having just arrived in Europe as of Tuesday - Musk responded that Value-Added Tax and import duties would result in a 30% higher price.

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