Economy

Tesla begins sales of cheapest yet Model 3 vehicle variant in China

Tesla begins sales of cheapest yet Model 3 vehicle variant in China

The UK and Ireland do not yet have configuration pages, or prices, for the Tesla Model 3, but we can expect these to open up later in the current quarter.

US electric vehicle (EV) maker Tesla Inc on Friday said it has started taking orders in China for a lower-priced version of its Model 3 auto, as it seeks to expand its lineup and boost sales in the world's biggest EV market.

Tesla is also offering a Model 3 lease for the first time, though with a big caveat.

Tesla's $35,000 Model 3 Standard is now only available via special order. Opening up the SR+ for orders now will allow Tesla to gauge the demand mix, and plan production and delivery timing for the different variants.

The company adds anyone who decides to software-limit a Standard Range Plus to Standard Range specification can do so (at any time) and receive a refund for the difference in costs. Now, it goes for $39,500 with Autopilot included.

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US customers can lease any Model 3 variant with "a small down payment and competitive monthly payments", according to a blog post.

The leasing option is available for all Model 3 variants with annual mileage caps of 10,000 to 15,000 miles.

Typically at the end of a leasing period, you would buy the vehicle outright or trade it for a new model with a similar leasing plan. More changes happened this week and it's now no longer possible to buy the $35,000 Model 3 online. Notably, leasers won't have the option to purchase their auto at the end of the lease as Tesla aims to repurpose them for its future ride-hailing network. Last quarter Tesla introduced two versions of the auto with slightly different pricing the - Standard and Standard Plus. Yes, these are the same stores that the EV company announced it was scaling back when it first started selling the low-priced Model 3. It will be software limited to a 220 mile range, and music streaming, navigation and heated seats will be software disabled.

Tesla is restructuring how it sells the Model 3 since the Standard Plus trim option has been selling on average six times more than the base model auto.

The Standard Range auto, which will now cost more than the originally promised $35,000 base price ($36,200 with destination), will now only be available by special order.