Tesla prepares Model 3 leasing option to boost demand

According to a report on Elektrek, Tesla is preparing to launch leasing products for its Model 3 electric sedan in order to boost demand. The website reportedly obtained an email sent to employees outlining plans to begin the leasing program within the next two weeks.

Tesla confirmed the email’s authenticity, but declined to provide any further specifics on the program or the timing of its launch. A spokesperson said “it will definitely be after the dates outlined in this document.” It’s also not clear whether leasing would be an option in markets outside of the United States.

Over the past year, Tesla has talked about using leasing to boost demand for the Model 3, but the automaker has been reluctant to introduce the measure because of its effect on GAAP financials. During Tesla’s most recent earnings call, company chief Elon Musk said, “Obviously, leasing is a way to improve [Model 3] demand, but it makes our financials look worse.”

Currently, the cheapest Tesla Model 3 costs $42,900 before any incentives are factored in. That’s still a far cry from the $35,000 entry price that many Model 3 intenders have been waiting for, but we’d guess a lease option with lower monthly payments could definitely kickstart a new wave of sales.

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