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Tesla Cuts Model 3 Price for Second Time This Year

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Tesla Inc said on Wednesday it was lowering the price of its Model 3 sedan for the second time this year, moves that come in the wake of Tesla losing a tax credit that made its cars more affordable for U.S. buyers.

The company is ramping up production of the Model 3 and trying to make it more accessible for mainstream car buyers. Tesla has also been cutting costs as it looks to turn in profits this year.

A U.S. federal tax credit began phasing out for Tesla in January, effectively raising the price of cars by $3,750. Tesla said on Tuesday it had cut the Model 3 price by $1,100, following a cut of as much as $2,000 in January.

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