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Tesla has cut the price of its Model 3 and Model Y in a controversial move which could cause outrage among customers who bought in December, which was a bumper sales month for the Elon Musk-led company. With £8,100 off the entry-level price of a Model 3 and a £9,100 cut for the Model Y Performance, the Model 3 now starts from £42,990 and the cheapest Model Y is £44,990.
The price cuts are in the range of 10 percent to 13 percent in the UK, although motorists in the USA could save as much as 20 percent.
A total of 16,368 people bought a Tesla vehicle in December, with the Model Y being the best-selling car last month, followed closely by the Model 3.
Overall, the Tesla Model Y was the third best-selling car in 2022, with 35,551 sales, falling just short of the Nissan Qashqai and Vauxhall Corsa.
While this is promising news for any driver looking to embrace electric and invest in a Tesla, many drivers are annoyed at the decision having paid a higher price just weeks ago.
One frustrated driver posted to a Facebook group for Tesla owners saying: “I just picked up the car yesterday. What should I do? Go to Tesla and give back the car?
“I can’t believe after a few hours from picking up the car I lost £5,000″.
Price drops were also introduced in China, with many customers there demanding compensation after the sale was introduced.
According to data from Electrifying.com, the price drop means British customers buying Teslas last month could have saved £130million if they’d bought in January instead.
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Commenting on the price drop, Ginny Buckley, founder and CEO of Electrifying.com, said it would send “shockwaves” through the industry.
She added: “The news from Tesla today will be welcome news to many who are looking to buy a new car, particularly as other electric car manufacturers are increasing their prices.
“However, there will be plenty of customers who took delivery of a new Tesla in December who are bound to be less than impressed by the move, which could ultimately undermine confidence in the company.
“Car makers will usually carefully manage prices and incentives to avoid crashing used values and upsetting customers.”
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The move is also expected to have a massive knock-on effect on the value of used cars.
In the last three months alone, prices of a used Tesla Model 3 have fallen by a staggering 15 percent.
Ginny Buckley added: “Slashing prices on their new cars by this much will have a huge impact on their resale values.
“Those looking to buy on finance could also take a hit, as the uncertainty makes it difficult for leasing companies to predict how residuals may look at the end of the finance term. This controversial move from Tesla is bound to send shockwaves through the industry. With the premium brand now sending signals that it’s becoming much more mainstream; it now means the Model 3 costs less than rivals from brands such as Polestar and Kia.”
In December, Tesla offered drivers the chance to benefit from thousands of “free” miles if they purchased a new car, in hopes of boosting sales once again. In an email, the company laid out the plans and informed drivers of how they could redeem the offer and join the electric revolution.
It read: “Tesla has decided to grant free Supercharger credits, equivalent to approximately 6,000 miles of driving, if you take delivery of a Tesla vehicle between December 15 and December 31, 2022. The free Supercharger credits will be credited to your Tesla Account in the month of January 2023 and will remain valid for a period of two calendar years from the delivery date.”
Tesla has over 40,000 global superchargers, as well as more than 35,000 wall connectors at destination charging sites. It is estimated that there are around 1,051 Tesla Destination chargers and 810 Tesla-only Superchargers based on Zap-Map data.
Tesla also controls the biggest network of rapid or ultra-rapid EV charging points in the UK with 967 charge points as of November 2022.
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