Tesla cuts Model 3 price for second time this year

Linda UK  YouTube

Linda UK YouTube

Tesla Inc said on Wednesday it was lowering the price of its Model 3 sedan for the second time this year, moves that come in the wake of Tesla losing a tax credit that made its cars more affordable for US buyers.

The electric vehicle maker, which has been cutting costs as it looks to turn in profits this year, is also ramping up the production of the Model 3 as it tries to make the sedan more accessible for mainstream auto buyers.

If you go to Tesla's order page for the Model 3, you'll see the cheapest, rear-wheel drive with a mid-range battery starting at $34,850.

"The billionaire entrepreneur tweeted that the real price of the electric auto is $35,000 if buyers take into account "$8k of [tax] credits & fuel savings".

Musk told a Twitter user that the company is "doing everything we can" to drop the Model 3 base price to $35,000, without credits.

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Musk announced the new $1,100 cut in a late Tuesday tweet.

Tesla cut 7 percent of its workforce last month to trim costs and reduce the price of the auto.

The electric automaker has admitted that it is facing challenges to bring the price of the Model 3 down as it aims to offer a long-promised $35,000 version. "It's a super hard grind", Musk tweeted.

Tesla didn't comment on why it stopped this loyalty program, however, customers still hope that the Model 3 vehicle will be available at a more accessible price soon.

Chief Executive Officer Elon Musk put an end to Tesla's referral program at the beginning of this month.

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