(Bloomberg) -- Tesla Inc. has resumed taking orders for its Model 3 Long Range edition with a starting price of $47,240, according to its website.
Production of the popular model was halted last year due to a backlog of orders stretching into 2023. The latest price for the electric sedan, which has a range of up to 325 miles (520 kilometers) on a charge, appears to be about 19% cheaper than when it was last available for sale.
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Tesla continues to adjust the pricing of its cars on an almost weekly basis as battery raw material prices fluctuate and competition in key markets including the US and China heats up.
Elon Musk's automaker raised prices of its Model Y and two editions of its Model 3 by small amounts on Tuesday, for example, after several rounds of more substantial cuts early this year. The Model 3 now starts at $40,240 in the US and 231,900 yuan ($33,520) in China, while the Model Y is priced from $47,240 and 263,900 yuan.
Read more: Musk Bets the House of Tesla on Low Prices, Razor-Thin Margins
The updated pricing for the Model 3 Long Range all-wheel drive dual motor edition puts it in a bracket similar to other EVs such as the Kia EV6, which starts from $48,700 and has a range of up to 310 miles.
Ford Motor Co.'s Mustang Mach-E, meanwhile, now starts from around $43,000 after a series of price tweaks this week. It has a range of about 312 miles. Both the Model 3 and the Mustang Mach-E are eligible for a $3,750 federal tax credit as part of US President Joe Biden's Inflation Reduction Act.
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