Tesla cuts Model 3, Model Y prices after slower Q3 sales

Tesla cuts Model 3, Model Y prices after slower Q3 sales

Tesla has lowered the price of some Model Y and Model 3 vehicles in the U.S. after missing its delivery goal in the third quarter, CNBC reports.

The starting price for the Model 3 is now just under $39,000, down from $40,240, while the Model Y now starts at $52,490, down from $54,490.

Prices for the standard Model 3 have come down by about 17% since the beginning of the year while the Model Y long-range variant has seen a drop of over 26%.

The price drops for the Model 3 also come as deliveries of its refreshed and higher-priced standard version is expected to start in the fourth quarter.

The carmaker missed market estimates for third-quarter deliveries earlier this week after planned upgrades at its factories to roll out the newer version of the Model 3 mass-market sedan forced production halts.

Tesla on Thursday also cut prices for its higher-priced variants of Model Y and Model 3.

The price for the base Model Y rear-wheel drive, which Tesla reintroduced earlier this week, remained the same at US$43,990.

Prices for the premium Model S and Model X did not change on Thursday.

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