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Tesla drastically lowers EV pricing in the US and Europe

<p>After steadily increasing (https://www.engadget.com/tesla-raises-prices-across-entire-ev-lineup-101002343.html) prices over the past couple of years (https://www.engadget.com/tesla-raises-model-s-3-x-y-prices-152134496.html), Tesla has cut them drastically (https://www.tesla.com/modely/design#overview) across its lineup in the US and Europe, in an apparent bid to boost sales. The least expensive EV, the Model 3 RWD, has dropped from $46,990 to $43,990, while the 5-seat Model Y Long Range fell 20 percent from $65,990 to $52,990. That means the latter model now qualifies for the $7,500 US Federal Tax credit, so the final price drop will be $20,500 — over 30 percent.&nbsp;</p><p>All other models, including the Model S and Model X (both regular and plaid versions) and the performance versions of the Model 3 and Model Y saw price cuts. However, the 7-seat option on the Model Y has increased in price by $1,000 to $4,000. While that puts the price over $55,000, it still qualifies for the Tax Credit as it's considered to be an SUV. In Germany, Model 3 and Y prices were cut by one to 17 percent, and also dropped in Austria, Switzerland and France.</p><span id="end-legacy-contents"></span><p>To receive the full $7,500 rebate, customers will have to order before mid-March, when it's expected to be reduced to half that. The tax rebates apply to SUVs priced below $80,000 and cars under $55,000. The Model Y fell into both categories, depending on the number of seats, meaning certain 5-seat models weren't eligible (https://www.engadget.com/teslas-long-range-model-y-may-not-qualify-for-the-ev-tax-credit-101229812.html) — something CEO Elon Musk called &quot;messed up (https://twitter.com/elonmusk/status/1610311411137384449).&quot; Now, all Model Y EVs except the Performance version appear to qualify.&nbsp;&nbsp;</p><p>Late last year, it was reported that Tesla inventory was building up after years of strong sales, first with reports in Chin (https://www.reuters.com/business/autos-transportation/tesla-shanghai-adds-inventory-highest-rate-ever-october-brokerage-data-2022-11-09/)a, then the US (https://www.businessinsider.com/elon-musk-twitter-tesla-slash-prices-inventory-investors-2022-12?r=US&amp;IR=T). Tesla recently cut prices (https://www.reuters.com/technology/tesla-cuts-prices-model-3-model-y-china-2023-01-06/) in China, then later declined (https://electrek.co/2023/01/10/tesla-shuts-down-protesters-no-compensation-for-price-drop/) any compensation to customers who complained. The Model 3 now starts at 229,900 yuan ($33,425) in that nation.&nbsp;</p><p>Neither Tesla nor CEO Elon Musk have weighed in on the price cuts, but potential buyers will no doubt be pleased (and recent purchasers displeased). The Model 3 was originally supposed to cost $35,000 and shipped in that configuration for a short time, but saw steady increases to the $46,990 price announced in March 2022 (https://www.engadget.com/tesla-raises-prices-across-entire-ev-lineup-101002343.html). Last month, Musk said (https://www.reuters.com/business/autos-transportation/tesla-used-car-price-bubble-pops-weighs-new-car-demand-2022-12-27/) that &quot;radical interest rate changes&quot; had affected vehicle affordability and that Tesla could potentially lower prices.</p>

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