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Tesla cut Model 3 Price for second time this year



(Bloomberg) – Tesla Inc. reduces the price of its model 3-sedan for the second time this year, this time referring to the end of a customer referral program that was a more expensive incentive than the company understood. 19659002] All versions of model 3 will cost $ 1

100 less and set the starting price of the car to $ 42,900. The move follows a $ 2,000 price reduction on all Teslas announced at the beginning of January, to partially offset the reduction in US federal tax credits to which the vehicles were entitled.

CEO Elon Musk completed Tesla's referral program at the beginning of this month. The company, which does not make traditional advertising, gave new customers months of free access to the network connection network if they were referred by a friend. Top referrers have won prizes as valuable as a next-generation Roadster sports car.

Musk, 47, announced to employees last month that Tesla would reduce employment by about 7 percent, citing the challenges the company faces to make vehicles affordable without compromising on profitability.

"I'll be a broken record about this: It's the cost, cost, cost, cost," said CEO of Tesla's purchase call last week. "Getting these costs down – variable costs and overhead costs – is what makes us lower our prices and be financially sustainable and achieve our environmental sustainability goals. We must be absolutely committed to this, there is no doubt."

to contact the reporter on this story: Dana Hull in San Francisco at dhull12@bloomberg.net

To contact the editors responsible for this story: Craig Trudell at ctrudell1@bloomberg.net, Anand Krishnamoorthy

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