With the $7,500 federal tax credit for new Tesla purchases set to expire at the end of the month, the electric automaker is pulling out all the stops in order to boost sales and enable prospective buyers to enjoy the full credit.
On its website of China, Tesla the electric vehicle maker stated on Wednesday that for the certain specific Model 3 sedan the company has dropped the prices by nearly 7.6 percent.
Responding to a question about what happens if a pre-December order for a Tesla doesn't get delivered in 2018, Musk said the following: "If Tesla committed delivery & customer made good faith efforts to receive before year end, Tesla will cover the tax credit difference".
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Tesla is set to unveil the Model Y, its fifth auto, in March of 2019. Tesla's need for a capital raise has been a big point of concern for the company's critics, and it has been a particularly notable topic for Elon Musk as well. Backed byFoxconnandAlibaba, and valued at around $3 billion, Xiaopeng, or Xpeng, has gained some notoriety in the run-up to the release of its first vehicle because its concept designs borrowed heavily from Tesla's Model X.
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Apart from the Model 3's strong demand in 2019 and beyond, Ives also highlighted that deliveries to Europe - a region that likely has a pent-up demand for the vehicle - appear to be on schedule.
Tesla released its price for Model 3, with the Model 3 Dual Motor All-Wheel Drive at 588,000 yuan and the Model 3 Performance at 698,000 yuan.
It was the third time over the most recent two months that Tesla has balanced its costs in China. In November, it announced that the Model X and Model S vehicle prices will be down by 12 to 26%. The stock is down 5 percent this year, having closed at $295.39 on Monday.
As of writing, Tesla shares are trading up +.53% at $296.95.More news: Russia says Israeli strikes on Syria threatened two civilian flights: Ifax
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