Tesla’s price-cutting strategy for the Model 3 continues to make headlines, with multiple reductions over the past year, and the latest slash dropping prices by $3,000 to $5,000 across all Model 3 versions, bringing the cost to under $30,000 before considering federal tax credits.
This price adjustment is limited to Tesla’s North American inventory, aligning with the forthcoming unveiling of the refreshed Model 3, known as “Project Highland.” Prototypes of this updated model have already been spotted in several countries, sporting camouflage that hints at a redesigned front and rear end. Notable changes include potential vertical LED taillights replacing the horizontal ones and the introduction of new wheel designs and onboard technology.
The Performance version is expected to receive more aggressive styling updates for easy recognition. With Tesla’s confirmation of its presence at the IAA Mobility event in September, it’s possible that the automaker may choose to unveil the compact sedan in Munich around that time. Alternatively, a reveal in China before the IAA Mobility event commences on September 5th could also be on the table.
Notably, Tesla’s Gigafactory in Shanghai has reportedly been producing the facelifted Model 3 for over a month, with production at the Fremont plant expected to commence soon. This inventory reduction strategy aligns with Tesla’s preparations for the updated Model 3, offering substantial discounts to clear current inventory.
The discounts are substantial, with the Tesla Model 3 RWD seeing a $4,100 reduction, the Model 3 Long Range benefiting from over $5,000 off its price, and even the Model 3 Performance inventory cars receiving discounts of over $5,500.
Tesla’s aggressive pricing strategy and regular updates continue to keep the Model 3 in the spotlight as it evolves and adapts to changing market demands.