Tesla (TSLA) -) on Wednesday made the upgraded version of its popular Model 3 sedan available in North America, according to its website and a post on X.
The prices of the new version, according to the website, remain unchanged, though the company did trim down available vehicle options.
The more expensive "performance" version — which started at $50,990 — is no longer available on Tesla's North American sites, which now list only the rear-wheel-drive and dual-motor all-wheel-drive long-range options.
The former starts at $38,990 and the latter at $45,990.
Related: Investment bank agrees with Elon Musk on the true driver of Tesla's stock
The long-range model now offers 341 miles on a single charge, up from the previous 333 miles.
The upgraded iterations of both versions offer a rear display for the backseat, two new color options — Stealth Gray and Ultra Red — and upgraded tires and wheels, which according to Tesla's website bring increased range and less noise to the driving experience.
Upgraded Model 3 is now available in North America → https://t.co/z1zvMWV1aK pic.twitter.com/WtNU27SYOk
— Tesla (@Tesla) January 10, 2024
This upgraded version of the Model 3 was initially unveiled in China in September and was made available in Europe in October.
Both standard and long-range variants of the Model 3 completely lost their eligibility for the $7,500 federal tax credit at the beginning of 2024, based on new guidance designed to give incentives to carmakers to source electric vehicle materials from the U.S. and its allies.
Related: Major electric vehicle competitor is catching up to Tesla's record 2023 sales
Tesla and the EV Industry
Tesla delivered a record 1.81 million EVs in 2023, 1.74 million of which were the Model 3 sedan and Model Y midsize SUV. Its 2023 delivery numbers represented a nearly 40% increase over the 1.37 million EVs the company delivered the year before.
Automaker BYD outsold Tesla in the fourth quarter. For all of 2023, the Chinese automaker sold a record 1.6 million EVs compared with Tesla's 1.81 million.
The strong year in EVs that both Tesla and BYD experienced did not hold true for the rest of the industry; 2023 saw consumer interest in EVs wane. Several legacy automakers, including Ford (F) -) and General Motors (GM) -), reacted by pulling back their EV investments.
Though the global EV industry did see record growth, the rate of that growth fell significantly. Global passenger EV sales grew 60% to 10.5 million in 2022 from from 6.5 million in 2021. Global EV sales grew 34% to around 14 million in 2023 from from 10.5 million in 2022.
This slowdown, according to Deepwater Management's Gene Munster, represents nothing but an opportunity for Tesla to continue extending its lead.
After more than doubling throughout 2023, shares of Tesla got off to a muted start in 2024, falling more than 5% since Jan. 1.
Tesla will report fourth-quarter earnings on Jan. 24.
Contact Ian with tips via email, ian.krietzberg@thearenagroup.net, or Signal 732-804-1223.
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