Tesla is cutting prices for its EVs again to stay in the game amidst growing competition. Tesla is the largest EV maker in the world. In fact, it is widely considered as the poster child for revolutionising electric mobility in the last decade. Today, the EV wave has gripped the entire world. In fact, all major carmakers have announced ambitious plans revolving around electric cars in the coming years to go carbon neutral. For now, let us glance through the details of the latest price cuts.
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Tesla Cutting Prices Again
As per the latest reports, Tesla is adopting an innovative method of cutting prices this time around. Instead of offering discounts on the actual price of its EVs, it is offering incentives to the customers. For instance, at the moment, the Model Y buyers can get $4,000 off on the new purchase with 6 months of free supercharging. With such offers on supercharging, the ownership costs of the Tesla cars will come down significantly.
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The reason is quite simple. The American EV giant has already reduced the prices of its vehicles multiple times this year. For instance, the Model Y performance version was priced at $63,000 in late 2022. However, it currently retails for an enticing $52,500. That is a huge benefit of over $10,000. This is also done to ensure high demand and sales. In the third quarter of this year, Tesla managed to sell 435,000 units. This number was 466,000 in the second quarter. With price cuts as incentives, more customers are likely to take the plunge to migrate to EVs.
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Author’s Note
The measures of Tesla to spur demand reflect how stiff the competition has become. In addition to the legacy carmakers making a transition to EVs, there are many local startups emerging in the EV space too. That is making it hard for Tesla to sustain its dominance. In any case, this is great news for the potential customers. Car makers are looking to draw new customers in by offering attractive offers. Therefore, it is a great situation for the fence-sitters to finally buy the EV.