EV giant Tesla Inc TSLA has introduced a new, Performance edition of the refreshed Model 3 in the U.S., priced at $52,990, higher than its Model Y counterpart.
What Happened: The new Model 3 performance is now available on the website priced at $52,990, higher than its rear-wheel drive and long-range versions, as well as the Model Y Performance. However, unlike the other two versions of Model 3, the Performance variant is eligible for a $7,500 federal EV tax credit, taking the effective price for eligible buyers down to $45,490.
The Performance version has a range of 296 miles and a top speed of 163 mph. On ordering the vehicle now, customers can take delivery within the next two months.
The Refresh: Tesla unveiled the refreshed Model 3 in the U.S. in January. The company listed two variants of the car, namely the rear-wheel drive and long-range. The Performance variant, however, was no longer listed.
However, later in January, Tesla's head of Investor Relations Martin Viecha confirmed the release of a refreshed Model 3 Performance variant.
“You should get the Performance one, once that comes out,” Viecha wrote to television presenter James May who had recently bought a new Model 3.
Tax Credit Confusions: While the Performance is the priciest version of the Model 3, the availability of tax credit on it brings down the effective price of the vehicle for eligible customers below the Long Range.
But if the customer chooses to lease a Model 3 rear-wheel drive or Long Range instead of buying it, they can avail a $7,500 EV lease incentive distributed over a 24-month or 36-month lease term, making the cost of leasing a Long Range again cheaper than leasing a Performance.
| Prices Without Tax Credit | Prices After Tax Credit | Monthly Lease Amount | |
| Model 3 Rear-Wheel Drive | $38,990 | $38,990 | $299 |
| Model 3 Long Range | $47,740 | $47,740 | $439 |
| Model 3 Performance | $52,990 | $45,490 | $549 |
Musk on Tuesday said in an X post that the criteria for EV incentives under the Inflation Reduction Act (IRA) have made it all very “confusing.” During the company’s first-quarter earnings call later in the day, Musk also mocked the name of the act, saying it sounds similar to the Irish Republican Army or the Internet Research Agency from Russia.
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