As it tries to boost demand, Tesla has again slashed EV costs for U.S. purchasers.
The manufacturer has discounted or issued credits at least four times in recent months. Tesla dropped Model 3 and Model Y prices in China by 9% in October. Tesla again cut Chinese prices by roughly 14% earlier this month.
Price cuts have also been offered to U.S. and Canadian buyers. In early December, Tesla offered U.S. consumers a $3,750 credit toward a Model Y or Model 3 delivered in December 2022. The automaker increased the discount to $7,500 in the last week of the year, according to its website.
Tesla is back in the U.S. Last Thursday, the business revised U.S. prices on its website. The long-range Model Y crossover costs $52,990 (without including fees), a 20% decrease.
Buyers can qualify for the $7,500 federal tax credit with the new, lower base price. The Inflation Reduction Act, passed last August, limits the tax credit to EVs under $55,000.
The high-performance Tesla Model 3 vehicle dropped 14% to $53,990. Tesla’s Model S and Model X are cheaper. Despite exceeding the $55,000 cap, the two automobiles
As Tesla faces increased competition from legacy automakers, startups, and Chinese giants like BYD, it lowers prices.