Tesla launches restyled Model 3 in North America
Reuters
Published Jan 10, 2024 12:25AM ET
Updated Jan 10, 2024 01:20PM ET
(Reuters) -Tesla on Wednesday rolled out the restyled version of its Model 3 compact sedan in North America at unchanged prices, months after the vehicle attracted healthy demand upon launch in China and Europe.
The move will refresh Tesla (NASDAQ:TSLA)'s aging vehicle line-up in its biggest market and follows a price war last year that helped the company meet its annual deliveries goal at the cost of margins.
The revamped version of the long-range and rear-wheel drive Model 3 variants include new features such as a rear display for backseat passengers, according to Tesla's website.
Following the changes, the long-range variant can go 341 miles on a single charge, up from 333 miles earlier.
Tesla has also refreshed its wheel designs, now available in two new colors, "Stealth Grey" and "Ultra Red."
The Model 3 rear-wheel drive variant is priced at $38,990, while the long-range variant costs $45,990, after both became ineligible for a $7,500 federal tax credit at the end of 2023, based on new guidance under the U.S. Inflation Reduction Act.
Tesla has removed the Model 3 Performance variant, which was the most expensive version of the compact sedan at $50,990 before the federal tax credit, from its North American websites.
The upgraded Model 3, developed under a project codenamed "Highland", was unveiled in China in September last year at a higher price. It went on sale in Europe a month later.
Analysts attributed Tesla's record quarterly deliveries earlier this month to the design changes as well as discounts and incentives the company offered at the end of 2023.
Still, the American company lost its spot as the top electric-vehicle maker by sales to China's BYD (SZ:002594) in the fourth quarter, underscoring the threat it faces from the Chinese firm that has been able to drum up demand with cheaper vehicles.
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Written By: Reuters
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