Tesla announced a new version of its Model 3 Performance sedan ahead of its quarterly earnings report on Tuesday and as it faces a decline in sales.
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Tesla announced a new version of its Model 3 sedan on Tuesday as the electric vehicle maker faces a decline in sales.
The upgraded Model 3 Performance, which starts at $52,990, can go from zero to 60 mph in 29 seconds and has a top speed of 163 mph, according to Tesla.
Tesla said the vehicle has more power with less energy consumption compared to the previous Model 3 Performance version. The company said it also has a new adaptive damping system that adjusts to inputs from the driver and the road in real time for better handling, among other changes.
New Model 3 Performance launching today ????️
— Tesla (@Tesla) April 23, 2024
→ https://t.co/IEF8dpRyvJ
0-60 mph in 2.9
510 hp / 741 Nm
163 mph top speed
—
Performance-tuned chassis
Same quiet & comfortable cabin plus bespoke chassis hardware for improved stiffness and higher performance baseline.
More power,… pic.twitter.com/kJKOuDpOTP
The announcement came just before Tesla reported its quarterly earnings on Tuesday and as demand for electric vehicles, including Tesla's, has been declining.
Tesla's first-quarter earnings report revealed the company fell short of its profit and revenue estimates, but was up on gross margin. Tesla also previewed its upcoming ride-hailing service and said it plans to move up the production timeline for cheaper electric vehicles.
Tesla sold about 386,800 cars in the first quarter of 2024, about 20% less than the last quarter of 2023. The figure fell far short of Wall Street's expectations and marked the first year-over-year decline in sales for Tesla since 2020.
Shortly after the disappointing quarterly sales report, Tesla laid off more than 10% of its entire workforce earlier this month, with CEO Elon Musk citing a "duplication of roles" that occurred during the company's rapid growth.
The company issued another round of price cuts on its vehicles on Monday, with Tesla's stock down 42% year-to-date at market close on Tuesday.
