Tesla, Looking To Boost Sales, Has A New Killer Model 3 Lease
With Tesla desperate to boost sales, it's now offering a more affordable lease on the Model 3 in the U.S.
A lease on a Tesla Model 3 now starts at $349 a month with $0 down for 24 months for the Long Range Rear-Wheel Drive version (EPA rated at 363 miles of range). The $0 down is especially attractive because some ostensibly attractive leases from legacy carmakers require big down payments. The Long-Range All-Wheel Drive (EPA rated at 346 miles of range) is $549/month with $0 down. Still a pretty good deal.
"We've been targeting the low cost of ownership. Monthly payment is the biggest differentiator for our vehicles," said Lars Moravy, Vice President of Vehicle Engineering, during the Q1 earnings call on Tuesday.
Tesla is getting slammed right now. In the first quarter, the company posted its worst results in four years. Revenue in Tesla's core automotive business plunged 20% year-over-year, declining to $14 billion, the weakest since the third quarter of 2021.
During the Q1 earnings conference call on Tuesday, executives spent more time than they have in past earnings calls discussing upcoming affordable models, a signal that sagging sales are top of mind. 'The models that come out in the next months will be built on our lines and will resemble in form and shape the cars we currently make,' said Moravy on Tuesday. 'The key is that they'll be affordable and you'll be able to buy one,' he said.
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