Tesla is trying to generate new business from disillusioned European customers with a remix of an old classic.
The Guardian reported on the EV automaker's launch of a new, more affordable version of its iconic Model 3 in Europe. The Model 3 Standard aims to boost sales amid a dip in demand. The vehicle's price point is €37,970 (about $44,170) in Germany, and it is also available in Norway and Sweden at reduced rates.
This move comes as Tesla faces increasing competition in the European market, especially from Chinese manufacturer BYD. BYD celebrated a first when it surpassed Tesla's sales in the region this spring.
Tesla's sales have faced self-inflicted challenges too, due to fallout from CEO Elon Musk's political activities. His polarizing support for Donald Trump in the U.S. election and his subsequent time as Department of Governmental Efficiency czar led many consumers to withdraw their support for Tesla, viewing the brand and his politics as one and the same. His praise of Germany's far-right AfD party also received significant backlash.
The model's entry follows the introduction into Europe of a lower-priced Model Y SUV, Tesla's top-selling model. Despite the Model 3 Standard's lower cost, the new models maintain driving ranges over 300 miles. What drivers will lose out on are some of the vehicle's premium features and finishes.
Tesla's struggles stretch across the channel to the U.K. and are having ripple effects on their EV market. There, EV sales increased a mere 3.6% in November, the slowest level in two years, per the Society of Motor Manufacturers and Traders (SMMT).
"[This] should be seen as a wake-up call that a sustained increase in demand for EVs cannot be taken for granted," Mike Hawes, the chief executive of the SMMT, told the Guardian.
Regardless of what you think of Musk or Tesla, their new models provide an economical choice for consumers weighing the transition to an EV. Since EVs are better for the planet than gas-powered vehicles and provide consumers an array of benefits, that's a positive development.
One way for drivers to optimize EV ownership is by charging at home. It's significantly more economical than using public stations and offers substantial annual savings. Qmerit supports homeowners interested in installing Level 2 EV chargers, providing free installation estimates.
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