Tesla knocks $1,100 off price of the Model 3

FILE- In this June 24, 2017, file photo, a Telsa Model 3 car recharges at a Tesla charging station at Cochran Commons shopping center in Charlotte, N.C. esla has cut $1,100 from the base price of its Model 3 car designed for the mass market. The electric car company now says on its website that the car starts at $42,900, still short of the target base price of $35,000. For $42,900 buyers will get a rear-wheel-drive Model 3 in black with Tesla’s lower-range battery that goes 264 miles per charge. (AP Photo/Chuck Burton)

Tesla trims price of the Model 3, designed for the mass-market, by $1,100

DETROIT — Tesla is cutting $1,100 from the base price of its car designed for the mass market, the Model 3.

The electric car company now says on its website that the car starts at $42,900, still a ways from its goal of lowering the base price to $35,000.

Tesla cut 7 percent of its workforce last month to trim costs and reduce the price of the car. CEO Elon Musk says the Model 3 must be competitive with gasoline-fueled cars for the company to succeed.

For $42,900 buyers will get a rear-wheel-drive Model 3 in black with Tesla's lower-range battery that goes 264 miles per charge.

The price doesn't include federal and state tax credits. The federal credit is now $3,750, but that expires at the end of the year.

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