Tesla unveiled an upgraded version of its Model 3 sedan amidst a decline in sales for the electric vehicle manufacturer on Tuesday. The new iteration, known as the Model 3 Performance, boasts enhanced features and performance capabilities.
Priced at $52,990, it accelerates from zero to 60 mph in 2.95 seconds and achieves a top speed of 163 mph.
According to Tesla, the revamped Model 3 Performance offers increased power while consuming less energy compared to its predecessor. Additionally, it incorporates a new adaptive damping system, which dynamically adjusts to both driver inputs and road conditions in real time to improve handling.
The announcement of the upgraded Model 3 comes amid Tesla’s quarterly earnings report, where the company fell short of profit and revenue estimates. Despite this, Tesla reported an increase in gross margin and previewed its forthcoming ride-hailing service, while also accelerating production plans for more affordable electric vehicles.
Related Stories
- Elon Musk Redefines the Sports Car with the New Tesla Roadster
- Elon Musk Set to Launch Tesla’s Driverless Robotaxi, A Game Changer for the Transport Sector
In the first quarter of 2024, Tesla sold approximately 386,800 cars, representing a 20% decrease from the previous quarter. This figure fell below market expectations and marked the first year-over-year decline in Tesla’s sales since 2020.
Following the disappointing sales report, Tesla initiated a round of layoffs, affecting over 10% of its workforce. CEO Elon Musk attributed the layoffs to a “duplication of roles” resulting from the company’s rapid expansion.
To counteract declining sales and maintain competitiveness, Tesla implemented price cuts on its vehicles. Despite these efforts, Tesla’s stock performance remained down by 42% year-to-date at market close on Tuesday.