The base version of the Tesla Model 3 is currently priced at $40,240.
American electric vehicle maker Tesla is offering discounts worth over $1300 on select Model 3 cars in its inventory in the United States, Reuters reported. The Elon Musk-led company is offering even heavier discounts in Europe without specifying the quantum, the report added.
The base version of the Tesla Model 3 is currently priced at $40,240, the Model 3 Long Range cost $47,240, and the Model 3 Performance is priced at $53,240. The discounts are seen as a traditional approach used by Tesla to clear its inventory amid economic headwinds and rising competition.
Earlier this month, the EV maker raised the prices of its cars including Model 3 and Model Y in the United States, Japan, China, and Canada. The move follows a series of price cuts by the company earlier this year amid growing competition in the segment.
Meanwhile, last week, Musk said at Tesla’s annual shareholder meeting that the automobile manufacturer would try advertising and see if it produces results. It is worth noting that Tesla has not particularly engaged in traditional advertising. However, the company still utilizes various marketing techniques, such as digital marketing, social media presence, and public relations efforts that help it to maintain visibility and engage with its target audience without relying on paid advertising.
Musk’s comments on advertising follow the announcement by the company in late April that it has raised its capital expenditure forecast for 2023 to up to $9 billion, higher than the previous outlook of $6 billion to $8 billion spending. The new spending plan, which is revised for the second time in 2023, is most likely made as the automobile company seeks to reach a bold goal of selling 20 million vehicles by the end of the decade.
Tesla is also planning to enter the Indian shores, and just last week its executives held discussions with Indian officials about incentives offered by the country for its cars and battery manufacturing. Tesla has proposed setting up a production facility in the country for the domestic sale and export of its electric cars. There has been no official confirmation either from the Indian Ministry or Tesla.