Tesla Increases Price Of Model 3 Performance By $1K In US Days After Launch

Apr 27, 202402:18 UTC

EV giant Tesla Inc TSLA has hiked the price of its new Model 3 Performance in the U.S. by $1000, merely days after its launch.

What Happened: The Model 3 Performance is now priced at $53,990 on Tesla’s website. The company launched the new variant only on Tuesday, ahead of its first-quarter results.

The Model 3 Performance, unlike the other two versions of Model 3, is eligible for a $7,500 federal EV tax credit, taking the effective price for eligible buyers down to $46,490, below even the Long Range version of the vehicle.

The Performance version has a range of 296 miles and a top speed of 163 mph. On ordering the vehicle now, customers can take delivery by June.

Why It Matters: In January, Tesla introduced the updated Model 3 in the U.S., initially offering two variants: rear-wheel drive and long-range. The Performance variant was conspicuously absent from the listings. However, a company executive affirmed its forthcoming availability.

Tesla slashed prices on all trim levels of the Model Y, S, and X in the U.S. by $2,000 earlier this month. It spared the refreshed Model 3 then.

Price Action: Tesla stock closed down 1.11% at $168.28 per share on Friday, according to data from Benzinga Pro. The stock is down 32.26% year-to-date.

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