Tesla shares fell as much as 2.2% to $247.93 shortly after the start of regular trading Tuesday.
The Model 3 now starts at $38,990, according to Tesla’s website. Arndt Ellinghorst, an analyst at Evercore ISI, wrote in a report Tuesday that the halving of the U.S. tax credit to $1,875 at the beginning of July is causing the company to reduce prices to support demand.
While the starting price of the Model 3 has fallen, Tesla’s moves to simplify its lineup include dropping a standard-range version of its larger Model S sedan. The cheapest version available is now $79,990, according to the company’s website.
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