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Tesla (TSLA.US) unveiled the Model 3 long-range sedan with a $7,500 tax credit.

AInvestFriday, Jul 12, 2024 7:50 am ET
1min read

According to the website, Tesla Inc. (TSLA.US) unveiled the long-range rear-wheel drive Model 3 sedan, priced $5,000 less than the all-wheel drive version. The base price of the long-range rear-wheel drive sedan is $44,990, plus a $7,500 federal tax credit, bringing the actual price down to $34,990, or less than the cheapest Model 3 sedan.

The prices of the basic Model 3, the long-range all-wheel drive and the high-end versions remained unchanged.

Tesla said that the majority of its total deliveries came from Model 3 and Model Y. The Model 3 and Model Y accounted for 95% of the 422,405 vehicles delivered globally in the second quarter.

Tesla cut the price of its Model Y, S and X sedans by $2,000 in the U.S. in April.

The company also slashed prices in other major markets, including China and Germany, to cope with the softening demand and intensifying competition.

The company is scheduled to report second-quarter earnings on July 23. Its shares fell 8% yesterday after the company announced that it would delay the launch of its autonomous taxi service to October from August.

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