Tesla Motors has lowered the price of Model X, Model S, and Model 3 for the North American market. The Model X and S each got a $5,000 price cut to $79,990 and $74,990, respectively, for their base-model levels. Model 3 also got a price cut, but its much less, at only $2,000, but this applies to all trim levels, not just the base model. This price cut means that the Standard Range Plus Model 3 is now only $37,990, and that’s before the U.S. Government’s $7500 Zero Emissions vehicle tax credit. Their newest car, the Model Y, has unchanged pricing.
Tesla officially posted on Weibo that the price reduction will also apply to the Model S and Model X cars in China. The Chinese price of its Model 3 vehicles will not see the sane price cut, though.
California’s last car maker didn’t give a specific reason for the price drop. Reuters mentioned that Tesla is more than likely trying to stimulate sales after a decline in vehicle demand due to the global coronavirus pandemic. Automobile sales in April were about 50% of what they were in April 2019, because people have been heeding instructions to stay indoors and to reduce travel to essential movements only. Other vehicle manufacturers like Ford, GM, and Chrysler are offering 0 percent financing and deferred payments instead of lower pricing.
Tesla can more than likely afford to do this, anyway. Remember, they just announced a million-mile battery that will undoubtedly reduce its cost in the manufacture of electric vehicles. Tesla stock prices have seen a massive uptick as they return to normal as the virus begins to wind down, so we expect this news to only further that trend.
How Much Does a Tesla Cost?
Because of the price cut, and after taking into consideration the U.S. Government’s $7,500 Zero Emissions Vehicle Tax Credit, you can pick up a brand new Tesla Model 3 for an effective price of $30,490.
How Long Does it Take to Charge a Tesla?
About 12 hours for a full charge. The charge time is of course dependent on how full your car’s battery is, the type of charging station that you use, and what size battery your Tesla has. In general, an overnight charge will do the trick.