EV giant Tesla Inc (NASDAQ:TSLA) has cut prices on select versions of its cheapest electric vehicle offering— the Model 3— in Canada by C$1000 ($728.16).
What Happened: Both the rear-wheel drive (RWD) version and the Long-Range variant of the mass-market electric sedan are now priced C$1000 lower in the country.
While the RWD variant now starts at C$49,990 (about $36,401), the Long Range now starts at C$59,990 (about $43,683)
The starting price of the Performance variant, however, remains unchanged at C$69,990.
Why It Matters: The Model 3 is the cheapest offering from Tesla, and together with the Model Y SUV, account for a whopping majority of the company’s total sales.
In the first quarter of 2024, Model 3 and Y accounted for a whopping 96% of the company’s total global sales.
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