Tesla Model 3 Is Heading To Europe

The Tesla Model 3 has cleared its last regulatory hurdle in Europe and will soon go on sale in the continent home to Audi, BMW, and Mercedes-Benz. 'Deliveries should start in February for the Long Range Battery version of the midsize sedan -- the same variant first sold in the U.S. -- according to Tesla, after Dutch vehicle authority RDW issued the OK,' reports Bloomberg. From the report: The European launch is crucial for Tesla as it navigates what Chief Executive Officer Elon Musk called a 'very difficult' road ahead. The company is cutting jobs so it can profitably deliver lower-priced versions of the Model 3, Tesla's first car targeted for the mass market. Musk has pointed to sales of the sedan in Europe and China as a main reason he isn't concerned about any potential setback caused by a halving of the U.S. federal tax credit, to $3,750, on Tesla purchases as of Jan. 1. With the Model 3, Tesla also has an opportunity to broaden its attack on the premium car market dominated by Germany's BMW AG, Daimler AG-owned Mercedes-Benz and Volkswagen AG's Audi. Tesla, based in Palo Alto, California, said in its third-quarter shareholder letter that 'the midsized premium sedan market in Europe is more than twice as big as the same segment in the U.S.' The Model 3 became the top-selling luxury car there last year, outstripping the Audi Q5, BMW 3 Series and other well-known models. Analysts and industry executives, however, have observed that competition with Tesla cuts across traditional categories.

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