Categories LATEST

Tesla slashes Model 3 pricing

Tesla (TSLA) seems to be marching ahead to a profitable second half of the year, thanks to an effective tent manufacturing set-up. The company is now opening the pre-booking of its much-awaited Model 3 to reservation holders in both Canada and the US, according to Electrek. The pricing is also better than what was suggested earlier, as more features are being made optional to the customers.

The high-end Performance variant, which accelerates to 60 mph in just 3.5 seconds and can cruise at a maximum speed of 155 mph, is priced at $78,000. However, if you cannot afford to pay that much, you could still purchase the variant sans any extra options at $64,000.  The additional options include white interiors that cost $1,500, as well as numerous upgrades including aluminum pedals, carbon fiber spoiler and 20-inch rim, besides performance brake calipers.

Related: Tesla might bill you for in-car WiFi from July 1

If that is still above your budget, you may get a base variant of Model 3 for $49,000. The cost for an optional second motor and AWD has been slashed to $4,000 from $5,000. With these customizations, the standard model would cost you $53,000. Electrek also reports that numerous color options have also been added. Meanwhile, there were no updates on a $35,000 Model 3 as CEO Elon Musk had promised.

Tesla will reportedly apply the new prices retroactively to the orders that have already been placed.

Related: Tesla owners can now remotely limit speed of the car

The company has been widely criticized for burning too much cash and not making much. With the Model 3 reaching out to more people, Musk would be hoping to see the cash coffers improving.

Goldman Sachs sees Tesla failing once again

However, Goldman Sachs is not impressed with Tesla’s performance. Reiterating its “sell” rating on the stock, Goldman Sachs stated that it expects to see the Model 3 deliveries fall short of street expectations once again. Though it sees an improvement in deliveries from 19,000 in the last quarter to 22,000 in the current quarter, it falls below the consensus estimate of 28,000 units.

Tesla is set to report its deliveries and production figures for the second quarter sometime next week.

Related: Elon Musk increases his stake in Tesla; buys 72,500 shares

Most Popular

HPE Earnings: Hewlett Packard Q1 2024 profit drops but beats Street view

Information technology solutions provider Hewlett Packard Enterprise (NYSE: HPE) on Thursday reported lower earnings and revenues for the first quarter of 2024. Earnings, however, exceeded analysts’ forecasts. First-quarter profit, excluding

After entering FY24 on a high note, Costco is all set to report Q2 results

Costco Wholesale Corporation (NASDAQ: COST) stands out in the retail space for its unique business model that enables the warehouse behemoth to grow store traffic and market share constantly. Currently,

Hormel (HRL) expects continued momentum from its foodservice business in FY2024

Shares of Hormel Foods Corporation (NYSE: HRL) soared over 13% on Thursday after the company delivered better-than-expected earnings results for the first quarter of 2024 and reaffirmed its outlook for

Tags

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top