After a nearly nine-month hiatus, Tesla has reopened orders for its long-range Model 3.
The vehicle reappeared on the automaker website earlier this week with a sharp 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 have a catch.
Previously Tesla advertised a range of 358 miles for the paused orders on the extended-range vehicle last August. The company now states that the model has a maximum range of “325+” miles, for drivers who opt for the 18-inch “Aero Wheels” configuration. The expected range of the long-range Model 3 drops to 500 miles with the 19-inch “Sport Wheels” upgrade. If engaged reports, the change can be tied to Tesla’s ongoing cost-cutting efforts.
For reference, Tesla advertises a range of 267 to 272 miles for its plain old Model 3, depending on the wheels.
Like the stock, the starting price for Tesla’s vehicles has proven particularly volatile in recent months. In December, the automaker slashed prices for Model 3 and Model Y buyers to boost year-end sales, unnerving some of its investors in the process. Tesla made additional cuts in April, after which it simply drove prices up again yesterday.
Tesla’s rebates cut margins in the first quarter of this year; the automaker posted a 24% drop in net income in the first quarter of 2023 compared to the same period last year.