Tech

Tesla raises prices on standard Model 3

Key Points
  • Tesla is raising the price of the most affordable version of the mass-market Model 3.
  • The Standard Range Plus version of the Model 3 is rising from $38,990 to $39,490.
  • The company is also upping the range on the Standard Range Plus version of the Model 3.
Tesla Model 3
Source: Tesla

Tesla is raising the price of the most affordable version of the mass-market Model 3.

The Standard Range Plus version of the Model 3 is rising to $39,490 from $38,990, according to Tesla's website. The company is also upping the range on the base version of the Model 3 from 240 miles to 250 miles.

Other variants including the long-range Model 3 and the performance Model 3 also appear to have gotten price hikes. Representatives from Tesla weren't immediately available for comment.

The move comes after Tesla in July cut the price of the standard Model 3, as part of a broader effort to standardize its vehicle lineup. The company discontinued standard range versions of the Model S and Model X, while raising the price on the base versions of those vehicles.

Earlier this month, Tesla said it delivered a record 97,000 vehicles globally, representing a major milestone for the company. However, it still fell short of Wall Street's expectations of 99,000 deliveries and analysts are concerned that the miss could be a symptom of weakening demand among consumers.

Now, the company must ramp up deliveries in order to hit its internal targets for the year. CEO Elon Musk has predicted that Tesla could deliver between 360,000 and 400,000 vehicles this year. Tesla has to deliver at least 105,000 vehicles in the fourth quarter to meet that goal.

CORRECTION: This article has been updated to show that the Standard Range Plus version of the Model 3 is rising to $39,490 from $38,990.

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