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Tesla closes the door to a cheap EV

Tesla closes the door to a cheap EV

Tesla (TSLA) , the leader in the electric vehicle market, advocates mass adoption of clean vehicles. But a major obstacle stands in the way: affordability.

There are currently no electric vehicles under $30,000 on the market. According to Kelley Blue BookNew EV prices averaged over $66,000 in June, well above the industry average and more in line with luxury vehicles than regular vehicles.

This precludes millions of consumers from considering the EV option.

At Tesla, the base price of the Model 3, the entry-level sedan, is $46,990, according to its website. Chief Executive Elon Musk had promised that this car would sell for $30,000 so that a large number of people could afford it.

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