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Tesla drops prices up to 20 percent in attempt to drive sales

Enlarge / Can big price cuts stop Tesla’s share price slide? More of its cars now qualify for US tax credits, at least. (credit: Ethan Miller/Getty Image)

At a time when every other automaker is having trouble building enough electric vehicles to satisfy demand, Tesla is seemingly having the opposite problem. Overnight, the Texas-based automaker slashed prices by thousands of dollars for some models in an effort to spur demand. Earlier this month, the company’s share price—which had already slumped by 70 percent in 2022—was further affected when Tesla announced it had missed its annual production goal by 20 percent.

Now, the cheapest Tesla you can buy—the Model 3 RWD—has dropped to $43,990, a $3,000 savings compared to 2022’s prices. The Model 3 Long Range is currently unavailable, but the Model 3 Performance is $9,000 cheaper than before, at $53,990.

You can still buy a Model Y Long Range from Tesla, and in five-seat configuration, it’s now $12,000 cheaper than yesterday, at $53,990. An even bigger discount applies to the Model Y Performance, which is now $13,000 cheaper, at $56,990. Adding a third row of seats to either of these Teslas carries a $4,000 premium.

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