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Published: Wednesday, February 06, 2019 @ 7:36 AM
Updated: Wednesday, February 06, 2019 @ 7:36 AM
By: The Associated Press
DETROIT — Tesla is cutting $1,100 from the base price of its car designed for the mass market, the Model 3.
The electric car company now says on its website that the car starts at $42,900, still a ways from its goal of lowering the base price to $35,000.
Tesla cut 7 percent of its workforce last month to trim costs and reduce the price of the car. CEO Elon Musk says the Model 3 must be competitive with gasoline-fueled cars for the company to succeed.
For $42,900 buyers will get a rear-wheel-drive Model 3 in black with Tesla's lower-range battery that goes 264 miles per charge.