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Summary
- Tesla has launched the highly refreshed Model 3, nicknamed Project Highland, in an effort to compete with increasing competition from Hyundai, Kia, Chevrolet, and Ford. The new Model 3 features sharper and sleeker styling, improved aerodynamics, and increased range.
- Tesla unveiled the new Model 3 in Norway, marking the first time the company has launched a new vehicle outside of the United States. The design of the new Model 3 has been overhauled, with new headlights, brake lights, and a refreshed streamlined look.
- Tesla faces stiff competition from rival electric vehicle manufacturers like Hyundai, Kia, Ford, and Audi. These companies have released impressive EV models that offer great designs, efficiency, and competitive pricing. However, Tesla has responded by dropping prices and revealing the new Model 3 to stay ahead in the EV game.
The Tesla Model 3 is one of the most venerable parts of their range, but it’s been some time since the electric car has had a major refresh. However, that is set to change with the new, highly refreshed Tesla Model 3 now launched, a model that has had the codename Project Highland during its testing and development. It’s a big model for Tesla as it comes under the ever-increasing competition that the company finds itself under.
Tesla has tried to keep up with the market thanks to some recent price drops, but increasing competition from the likes of Hyundai, Kia, Chevrolet and Ford mean that the new Model 3 will have to really push the company forwards.
What Is New On The Project Highland Model 3
Tesla unleashed the new Model 3 in Norway, an odd choice until you remember how committed Norway is to EVs. Teslerati report this is likely the first time that Tesla has unveiled a new vehicle outside the United States. The most obvious change to the new Model 3 is the change in styling, with Tesla conducting a big overhaul of the Model 3’s design. The lines of the Model 3 are now much sharper and sleeker than before, with the new headlights and brake lights intricately woven into the design of the EV.
A new LED light signature lies beneath the new headlights, and the whole front bumper now sports a new, refreshed streamlined look. This is thanks to the ditching of the lower corner fog lights, and the smoothing over of the lower air intake. Coupled with the new 18-inch Aero wheels, the new Model 3 should be the most aerodynamic vehicle in the Tesla range. The company claims that it has a drag coefficient of just 0.219. Tesla says that this new, more aerodynamic Model 3 could provide an extra 5-8 percent boost in the overall range of the electric car.
When it comes to range, the version of the Model 3 launched in China gives us an idea as to what we can expect. Tesla says that the new Model 3 will have a range, in standard form, of around 377 miles which is a nine percent increase over the previous base version of the Model 3. Tesla states that the long-range version of the Model 3 will do nearly 400 miles. Completing the new look for the Model 3 are two new colors, which are Stealth Grey and the very dramatic Ultra Red which is a striking scheme.
Tesla Is Facing Stiff Competition From EV Rivals
Recently there has been a growing sense that Tesla has fallen behind some of its rivals thanks to how strong competitors have been. Hyundai is one name that springs to mind, thanks to the Ioniq 5 crossover and the streamlined Ioniq 6, two of the most impressive EVs of recent years. Both offer great designs, practicality, and a lot of efficiency thanks to the Hyundai E-GMP platform. A platform that the equally impressive Kia EV6 shares. Prior to their price cuts, Hyundai and Kia have both done well to price their EVs at around the $40,000 which were competitive compared to Tesla.
The mainstream manufacturers may have been slow to get up to Tesla’s level, but they are now really on the money. Ford has come into the game strong with the Mustang Mach-E Crossover and the highly impressive F-150 Lightning pickup truck. Audi has started to produce more e-tron vehicles, with the Q4 e-tron, Q4 Sportback, Q8 e-tron and the RS e-tron GT just some of the models within Audi’s electric vehicle range. So far, most of the Audi electric range has been well received by consumers.
The new Model 3 shows Tesla’s commitment to stemming the oncoming tide of its competition. Reports have also suggested that the pricing of the new Model 3 will be lower than the current model, a big plus for a company that has historically had quite high prices. The competition hasn’t stopped Tesla from trolling its rivals, with the new Cybertruck recently spotted in a faux Ford F-150 wrap and even, more recently, a new Toyota Tundra style wrap. Elon Musk will certainly not go down without a fight, as he looks to keep his company on top of the electric vehicle game.
Tesla Has Recently Been Dropping Its Electric Vehicle Prices
While Tesla isn’t exactly known for making “affordable” cars, it has started to reduce the pricing of some of its vehicles. Earlier in 2023, Tesla slashed the price of the Model S by $5,000 and then the Model X for $10,000. This still kept the latter MSRP at nearly $100,000 however, which is a huge jump over nearly every major rival to the Model X. What it has done ,however, is now put the pressure on other EV manufacturers to keep up with pricing and be wary of what Tesla might do.
A glance at the current base Model 3 price shows that the vehicle has an MSRP of $29,740. This is much more what you would expect, however, this price does include the $7,500 federal tax credit and the estimated three-year gas savings. Without those, you are looking at a much higher figure of $40,240. A figure that the new Model 3 is hoping to bring down. The pricing has clearly not dented consumers confidence in Tesla. In 2022, both the Model Y and the Model 3 were the best-selling electric cars in the USA, highlighting how strong Tesla still is.
Rival Manufacturers Are Catching Up On Tesla
The Ford Mustang Mach-E was the third best-selling EV in 2022. This despite its much shorter production run thus far compared to its Tesla competition. A sign that Tesla’s rivals are starting to catch up to it, with even the Hyundai Ioniq 5 and Kia EV6 creeping up the sales leaderboard. It’s certainly taken the competition a while to catch up to Musk and his company, yet now they are doing so, they are doing so at a vast rate of knots. Something that Tesla is clearly prepared to right against.
It’s no surprise that the Model 3 was the model chosen as the Tesla to undergo a redesign. As perhaps their most recognizable model, and one of the longest serving, it was perfect timing to give the EV a refresh. It is fair to say the design had gone stale, and this new Model 3 certainly offers up a more modern and streamlined exterior. Whether this, the new longer range and other changes we’ve yet to know about can put Tesla back on top is a question that still needs an answer.
Sources: Teslerati, CNBC, Tesla
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