Tesla Model 3 Price Cut for Second Time This Year

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Tesla Inc. (TSLA.O) is cutting the price of its Model 3 sedan for the second time this year, this time citing the end of a customer-referral program that was a more costly incentive than the company realized.

Musk also said on the call that the standard, shorter range $35,000 Model 3 may be available in the middle of this year, clarifying that it was a "rough, rough guess", and that current production is nearly entirely earmarked for upcoming deliveries to Europe and China.

Earlier this year, the company made a decision to cut 7 percent of its full-time workforce to further cut costs, following Model 3 production finally achieving most of its potential after months of assembly process bottlenecks.

"We're doing everything we can to get there [$35,000]", Musk wrote on Twitter after the latest price change.

More news: Measles outbreak sparks concern over anti-vaccination movement

"Model 3 starting cost now ~$35k (after ~$8k of credits & fuel savings)", Musk tweeted on Wednesday. "It's a super hard grind", Musk tweeted.

The referral program, which ended at the beginning of February, gave new buyers six months of free vehicle charging and prizes for existing owners, such as launching personal photos into deep space and invites to Tesla events.

Tesla delivered fewer-than-expected Model 3 sedans in the fourth quarter and cut prices for all its vehicles in the United States to offset a reduction in a green tax credit.

Material from Reuters was used in this report.

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