After a nearly nine-month hiatus, Tesla has reopened orders for its long-range Model 3.
The vehicle reappeared on the automaker’s website earlier this week with a steep price drop. It previously started at $57,990, but now sits at $47,240 before any interior, exterior or software upgrades.
Still, this roughly 18.5% discount seems to come with a catch.
Tesla previously advertised a 358-mile range before it paused orders on the longer-range vehicle last August. The company now lists the model as having a maximum range of “325+” miles, for drivers who choose the 18-inch “Aero Wheels” configuration. The long-range Model 3’s projected range drops to 310 miles with the 19-inch “Sport Wheels” upgrade. As Engadget reports, the change may be linked to Tesla’s ongoing cost-cutting efforts.
For reference, Tesla advertises a 267 to 272-mile range for its regular-old Model 3, depending on the wheels.
Like its stock, the starting price for Tesla’s vehicles have proved particularly unsteady in recent months. In December, the automaker cut prices for Model 3 and Model Y buyers to boost end-of-year sales, unnerving some of its investors in the process. Tesla issued additional cuts in April, and then it bumped prices up again just yesterday.
Tesla’s discounts cut into its margins in the first quarter of this year; the automaker recorded a 24% drop in net income in Q1 2023 from the same period last year.
Tesla brings back the long-range Model 3 with an 18% discount by Harri Weber originally published on TechCrunch