Tesla (TSLA) dropped the prices of Model Y, Model S, and Model X vehicle lineups by $2,000 on each variant in the United States yesterday.
Tesla’s price drops came after the company reported a record drop in vehicle deliveries in Q1 2024 earlier this month. Tesla made this move just days before the important earnings call which is scheduled for the coming Tuesday (April 23rd).
Tesla among other electric automakers is facing a sales drop this year and Elon Musk had already warned about it earlier this year. However, it will be interesting to listen to what Musk and the company are planning to cope with the situation in the upcoming earnings call.
After the $2,000 reduction in price, the Tesla Model S and Model X vehicles have dropped to a historically low price. Tesla Model Y which received a price hike of $1K on April 1st, is now back to being $2K cheaper (one step forward two steps back).
Tesla announced the Model Y electric SUV price increase of $1K in the last week of Q1. This move was purely to sell as many vehicles as possible before the close of the 1st quarter. And now, at the start of the 2nd quarter, Tesla reduced the price to attract new customers.
In this downward trend, the new Tesla Model 3 Highland has been unaffected. Tesla hasn’t made any changes to the Model 3 prices. This suggests that the demand for the new design-refreshed Model 3 is strong enough to keep the current price even in this period of recession.
In the first quarter, Tesla produced a few thousand more Tesla Model S and Model X vehicles than the automaker could sell. The recent $2K discount might help Tesla in clearing the inventory of these luxury segment electric vehicles.
Interestingly, eligible customers can get the full $7,500 federal tax credit on Tesla Model Y and Model X deducted from the price of the vehicle at the time of purchase.
Let’s explore the new prices of Tesla vehicles after the $2,000 discount.
New Tesla Model Y Prices
- Tesla Model Y RWD = $42,990 (previous: $44,990)
- Tesla Model Y Long Range AWD = $47,490 (previous: $49,990)
- Tesla Model Y Performance = $51,490 (previous: $53,490)
New Tesla Model S Prices
- Tesla Model S Long Range AWD: $72,990 (previous: $74,990)
- Tesla Model S Plaid: $87,990 (previous: $89,990)
New Tesla Model X Prices
- Tesla Model X AWD = $77,990 (previous: $79,990)
- Tesla Model X Plaid Tri-Motor AWD = $92,990 (previous: $94,990)
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