Tesla Ing (NASDAQ: TSLA) wants to take advantage of incentives for buyers of cheaper electric vehicles by offering a lower range Tesla Model 3, which is available in Canada.
What happened: According to Electrek, Tesla sells the Model 3 for $ 44,999 Canadian dollars with a lower range. The vehicle price as of today is equal to $ 35,909 US dollars.
In 2019, Canada offered a $ 5,000 incentive to purchase an electric vehicle priced at $ 45,000 or less. The majority of the EVs sold most in the country fall into the category of incentive.
Tesla was excluded from the incentive because Model 3 did not end up at or below the $ 53,700 price requirement.
Tesla sold a cheaper version of the Model 3 with a lower range of 150 km, or 93 miles, as an off-menu option to customers who needed to know it in person or by telephone and asked to receive the incentive.
Along with the lower range of 150 km / 93 miles, the cheaper version of the Model 3 has no option for Autopilot.
The Model 3 Standard Range Plus has a range of 423 km / 263 miles.
Related link: Cathie Wood, Ark Funds Lay Out New, 000 price target for Tesla shares
Why it’s important: Model 3 is one of the top-selling cars in Canada, although the company would have missed out on potential customers with a price point that did not qualify for the incentive.
In Canada, according to Electric Autonomy, several new EV options are coming. A new lower priced Chevrolet Bolt from General Motors Company (NYSE: GM) could have a starting price of $ 38,198 Canadian dollars.
According to Electric Autonomy, new models from Tesla are only expected in early June.
Tesla reduced the cost of the Model 3 in the US to $ 36,990 in February, but has since raised it to $ 38,490 for the Model 3 Standard Range.
While the US government discusses possible EV incentives, Tesla may change its prices in the country to meet certain requirements.
TSLA Price Action: Shares of Tesla fell 1.21% to $ 675.55 on Friday afternoon.
Related link: Click here to visit Benzinga’s EV Hub for the latest news on electric vehicles.
(Photo: Tesla)
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