Tesla’s Model 3 sedan now has a new leader.

LOCAL price announcement for the Tesla Model 3 Performance flagship has timed with thought about when or if stickers for the entry and mid-spec versions of the sedan and its crossover sister ship will alter.

At current pricing, the latest Performance will site at $84,900, so $11000 more than the long range and $21k above the standard range in their updated editions that have been in NZ since December. The latter cars’ prices most recently trimmed at the start of April, prior to a further international adjustment process that has unwrapped progressively this week in major markets, but does not yet seem to have influenced in NZ, despite one major news outlet reporting otherwise.

Over-production, heat from an increasing count of competitors, some of which were selling for less than the volume-chasing conjoined Teslas, and a softening EV market are seen as factors for revisions elsewhere that kicked in at the start of the week. 

New EV buying in NZ has all but stopped since Government pulled the Clean Car rebate of $7015 at the end of December. On top of this, evidence of NZ-new EVs depreciating by 40 percent in the first year - so, faster than fossil fuelled equivalents - has also emerged.

The updated Model 3 has been a largely slovenly seller since its release and things haven’t looked much better for the crossover Model Y spin-off, which has been the stronger performer since release almost two years ago.

The Model Y already presents in a Performance variant, for $86,900, but that’s a derivative of the original format car, which is expected to soon make way for an improved version with the same updates dealt to the Model 3.

Tesla says the 2024 Model 3 Performance is more driver-centric than its predecessor, is faster (0-100kmh in 3.1 seconds is claimed), has a higher top speed - topping out at 268kmh - and maintains strong range, now put at 528 kilometres when measured by the WLTP scale.

Staggered 20-inch performance tyres are said to produce sharper turn-in response, improved predictability and increased corner exit traction on both road and track. 

A new feature is adaptive damping, set for improved handling prowess without affecting ride comfort unduly. Tesla says it has increased chassis stiffness and updated springs, stabiliser bars and bushings. 

The Performance brakes are upgraded and a revised Track Mode now integrates adaptive suspension control with a performance-optimised powertrain.

The Model 3 Performance attracts aerodynamic enhancements to the bodywork, and the cabin picks up sports seats.

Tesla has also just notified a year-on-year decline in sales, profitability has dived 55 percent and its share price has declined by over 40 percent. Tesla this week also notified it is laying off 10 percent of its staff globally.