Tesla’s Model 3 pricing inches closer to $35,000 target

Tesla has reduced the price of the Model 3 by $1,100, bringing the starting price of its cheapest model down to $42,900 before incentives. All three versions of the car saw the same price reduction, including rear-wheel drive, all-wheel drive, and performance models.

In a statement posted by Electrek a Tesla spokesperson said that the reduction was primarily due to the ending of the company’s referral program on February 1st, which the company said cost far more than realized. The program was originally intended to boost demand by promoting word-of-mouth marketing, but the long waiting lists for its vehicles suggest this is no longer necessary.

Model 3 starting cost now ~$35k (after ~$8k of credits & fuel savings) h…

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