Tesla became the latest automaker to reopen its order banks for a popular vehicle, revealing buyers can once again get the Model 3 Long Range after nearly nine months of being unavailable. Ford started taking orders for the Mustang Mach-E Tuesday.
The long-range version of the Model 3 was temporarily shelved, according to Automotive News, because the “waitlist is too long,” Tesla CEO Elon Musk tweeted last August. He noted at the time the company “Will enable again as we ramp production,” he tweeted.
The move comes a day after Ford cut the price of its Mustang Mach-E by as much as $4,000 and reopening the order bank for the all-electric SUV. The move made the Mach-E less expensive than many versions of its chief rival, the Tesla Model Y.
Not further or faster
The long-range Model 3 can travel an estimated 325 miles per charge, Tesla claims. Deliveries begin in June, Automotive News reported. The price for the go-far version, which also features all-wheel drive, starts at $48,880, including destination fees.
For $7,000 less, buyers can get the entry level sedan and for $6,000 more, the Performance trim is available. The Performance has all-wheel drive, more horsepower and upgraded wheels and brakes.
According to Tesla, the Model 3 Long Range is eligible for $3,750 in federal tax incentives — same as the base Model 3. The Model 3 Performance is eligible for a $7,500 credit. It’s not immediately clear why there is a discrepancy between the two, but EV news site Electrek speculated the long-range Model 3 may use iron-based battery cells produced in China. To get the full $7,500 credit under the terms of the Inflation Reduction Act, batteries and materials must be produced in the U.S.
Also of note is that the new long-range version isn’t as long range as its predecessor. The new model travels 325 miles while the previous version went 358 miles on a full charge. This lends credence to the theory that the new versions use the China-produced lithium-ion-phosphate, or LFP, cells. While they’re cheaper, they do not offer the same range as the original batteries.
Price cuts
The Texas-based automaker has slashed seven times this year, the latest occurring last week, slashing some Model Y and Model 3 nine days after its last price cut. The price of the base Model 3 has dropped 11% this year, while base Model Y has seen its price plunge by 20%.
The cuts don’t appear to be helping market share. Tesla’s 59.6% of California’s BEV market share in the first quarter of 2023 is down from 72.7% in 2022, according to a Reuters analysis. The state accounts for 16% of the automaker’s global sales. Certainly increased competition from General Motors, Volkswagen, Hyundai and Kia have had an impact.