Tesla (TSLA) is doing everything possible to gain maximum benefits from EV incentives and tax credits for its customers around the globe.
Last year, the US-based automaker started importing base RWD Model Y electric SUVs from China to Canada. This move was intended to make Model Y eligible for Canada’s iZEV incentive.
According to the iZEV policy, both the Model Y RWD and Model Y AWD (mid-variant) qualified for the iZEV incentive of CA$5,000. However, with the CA$75,990 price, the top-end Tesla Model Y Performance variant did not qualify for this incentive.
Tesla has now lowered the price of the Model Y Performance in Canada to CA$69,990. This price point is just under the required maximum MSRP of $CA70,000 to qualify for the iZEV incentive program.
Tesla has played a master stroke by lowering the price of the Model Y in Canada. Both the automaker and its customers in the country will benefit from this move. Tesla will sell more Model Y electric SUVs and the customer will get a sizable discount.
Tesla lowered the price of the Model Y Performance by CA$4,300 (from CA$74,290 to CA$69,990). Tesla Model Y Performance buyers will now get a total discount of CA$9,300 ($4,300 price drop + $5,000 iZEV incentive).
The price of a new Tesla Model Y Performance in Canada including the iZEV Program incentive will be $64,990. This price point should attract a good chunk of new customers of the top-tier Model Y Performance EV in the country.
The official website of Canada’s Incentives for Zero-Emission Vehicles (iZEV) Program states the incentive eligibility criteria for electric SUVs, vans, and similar types of vehicles as follows:
– A station wagon, pickup truck (light truck), sport utility vehicle (SUV), minivan, van, or special purpose vehicle, where the base model Manufacturer’s Suggested Retail Price (MSRP) is less than $60,000;
– higher-priced trims of these vehicles, up to a maximum MSRP of $70,000, will also be eligible for purchase incentives.
Canada’s iZEV Program website does not list the Tesla Model Y Performance as eligible as of this writing. Perhaps in the next few days, it will start appearing on the website as it has just passed the qualification this past weekend.
In a similar move last year, Tesla lowered the price of the base Model X luxury electric SUV to meet the US federal tax incentive criteria. With the updated policy in 2024, both Model Y and Model X now get a direct deduction of $7,500 from the price of the vehicles.
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