Tesla removes its cheapest Model 3, raising the entry price to $42,500

Tesla has discontinued its most affordable electric vehicle, the Model 3 Standard Range Rear-Wheel Drive, which was previously priced at $39,000.

The Model 3 Long-Range Rear-Wheel Drive now becomes Tesla's cheapest option, retailing for $42,500. This change comes as Tesla revealed its third-quarter delivery figures of 462,890 vehicles, a 6.4% increase from the same period last year, but slightly below analysts' expectations.

The company has also faced multiple recalls this year, some of which were resolved through over-the-air updates, potentially impacting consumer confidence.