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EV giant Tesla (NASDAQ:TSLA) launched its rear-wheel drive Model 3 long-range vehicle for $5,000 less than the all-wheel drive model, the website showed.
The new long range rear-wheel drive variant starts at $42,490, with a federal EV tax credit of $7,500 applicable, bringing its effective price down to $34,990, or below the cheapest variant of the Model 3.
The base Model 3, long-range all-wheel drive, and performance variants did not see any price changes.
A resounding majority of Tesla’s (TSLA) total deliveries are made up of the Model 3 and Model Y. 95% of global deliveries in Q2 were made up of 422,405 Model 3 and Model Y units.
Previously, in April, Tesla (TSLA) cut prices in the U.S. by $2000 across its Model Y, S and X cars.
The EV maker also slashed prices in other major countries, including China and Germany, in response to headwinds of slowing demand and rising competition.