Tesla Model 3 price cut again, now starts at $42,900

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Tesla Model 3 price gets cut again, now starts at $42,900

Earlier this year Tesla cut the prices of all models by $2,000, citing the upcoming demise of the $7,500 federal tax credit.

Tesla has lowered the price of its Model 3 by $1,100 amid reports that US sales fell precipitously in January despite a $2,000 reduction that went into effect at the beginning of the month.

A Tesla Model 3 now starts at $58,600 CAD for the Mid Range Battery, Rear-Wheel Drive model in Canada.

In Colorado, drivers travelling an average of 12,000 miles (a conservative value that is less than the state's average 13,443 annual miles) and accessing the state's $US5,000 incentive can essentially buy the mid-range Model 3 for under $US30,000 ($A42,220).

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Musk also said on the call that the standard, shorter range $35,000 Model 3 may be available in the middle of this year, clarifying that it was a "rough, rough guess", and that current production is nearly entirely earmarked for upcoming deliveries to Europe and China. All variants of the Model 3 will now start at $1,100 less, with the tradeoff being the end of the customer referral program.

"We're doing everything we can to get there [$35,000]", Musk wrote on Twitter after the latest price change. CEO Elon Musk says the Model 3 must be competitive with gasoline-fueled cars for the company to succeed. "It's a super hard grind", Musk tweeted.

When asked about lower prices in Europe, Musk tweeted that the value added tax of about 20 percent and import duties of about 10 percent usually result in a 30 percent higher cost in Europe.

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