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Tesla Cuts Model 3 Prices In New Sales Push

Tesla is cutting the starting price of its Model 3 to US$38,990, but it’s dropping standard-range variants of the premium Models S and X, lifting their starting prices, Reuters reported on Tuesday, citing the company.

“To make purchasing our vehicles even simpler, we are standardizing our global vehicle lineup and streamlining the number of trim packages offered for Model S, Model X and Model 3,” Reuters quoted Tesla as saying in a statement.

“We are also adjusting our pricing in order to continue to improve affordability for customers,” Tesla says.

Tesla’s simplified offering, however, means that the starting prices of Model X an Model S would rise to US$84,990 and US$79,990 respectively, excluding incentives.

The offerings represent Tesla’s latest sales push after a second-quarter production and delivery record that defied skeptics and beat analyst expectations.   

Despite reports that it won’t be able to meet Elon Musk’s goal for record production and sales for Q2, Tesla said earlier this month that it achieved record production of 87,048 vehicles and record deliveries of around 95,200 vehicles, beating analyst expectations, sending the stock rallying 7 percent on the next day, and giving Tesla bulls new hope.

Tesla fans who plan on buying a Tesla in the future might want to hurry, as the EVs could become even more expensive once the company’s output becomes fully autonomous. That’s according to a string of tweets by CEO Elon Musk in response to another tweet, citing Tesla delivery numbers.

“All HW2+ cars are upgradable to full self-driving capability with Tesla FSD computer & all production in past few months has FSD computer,” Musk tweeted on July 7, “HW2” referring to the Tesla system that enables full self-driving functionality in the cars.  

Musk was then asked whether the prices for Tesla models would go up as self-driving cars would be in high demand; Musk answered in the affirmative.

By Tsvetana Paraskova for Oilprice.com

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