Tesla Inc (NASDAQ:TSLA), the electric vehicle giant, cut prices on some versions of its cheapest electric vehicle, the Model 3, in Canada by C$1,000 ($728.16).
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What happened
Both the rear-wheel drive (RWD) version and the Long-Range variant of the mass-market electric sedan are now priced at C$1,000 lower.
While the RWD variant starts at 49,990 Canadian dollars (approximately $36,401), the Long Range variant starts at 59,990 Canadian dollars (approximately $43,683).
The starting price of the Performance variant, however, remains unchanged at 69,990 Canadian dollars.
Because it is important
The Model 3 is Tesla’s cheapest car and, along with the Model Y SUV, accounts for the majority of the company’s total sales.
In the first quarter of 2024, the Model 3 and Y accounted for a whopping 96% of the company’s global sales.
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