Tesla Cuts Model 3 Price Again

February 06, 2019 at 5:17 PM

Tesla Inc. has lowered the retail price of its Model 3 electric sedan in the U.S. by another $1,100, to $42,900.

The latest reduction was prompted by the end of Tesla’s customer-referral promotion scheme earlier this month. The offer gave new customers free access to the company’s high-speed Supercharger facilities if they were referred by a current Tesla owner.

Tesla knocked $2,000 off the price of the Model 3 and its other electric models last month to help offset the phaseout of the company’s eligibility for customer tax credits.

CEO Elon Musk has been determined to cut costs and hike production efficiency enough to off Tesla’s long-promised $35,000 version of the Model 3. Until last month, the cheapest version of the car retailed for $44,000.