Tesla Cuts Model 3 Price for Second Time This Year

Tesla Cuts Model 3 Price for Second Time This Year
Rows of the new Tesla Model 3 electric vehicles are seen in Richmond, California, U.S., on June 22, 2018. Stephen Lam/Reuters
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Tesla Inc. said on Feb. 6  it was lowering the price of its Model 3 sedan for the second time this year, moves that come in the wake of Tesla losing a tax credit that made its cars more affordable for U.S. buyers.

The company is ramping up production of the Model 3 and trying to make it more accessible for mainstream car buyers. Tesla has also been cutting costs as it looks to turn in profits this year.