Tesla is now offering even greater discounts on already manufactured Model 3 EVs and has extended discounts on the Model Y and other vehicles available in its U.S. stock.
This move by Tesla aims to attract customers during a time of heightened competition, economic uncertainty, and in anticipation of the forthcoming redesign of its flagship model.
In California, a particular Model 3 variant from the existing stock is valued at $42,060, which reflects a discount of $2,680 when compared to the price of a newly ordered car.
This discount is twice the amount offered on Model 3 vehicles lower than two weeks ago, which was $1,300.
Additionally, Tesla has reintroduced discounts on certain Model Ys, with each vehicle now available at a reduced price of approximately $600 off the original cost.
In response to rising production, increased competition, and economic challenges, Tesla has recently implemented more substantial discounts on certain higher-priced vehicles.
Specifically, discounts of $5,000 and $6,330 have been offered on some specific Model S and Model X vehicles respectively.
By increasing these discounts, Tesla wants to attract potential buyers and maintain its market position among economic challenges and rising competition within the electric vehicle industry.
Tesla is gearing up to launch an updated model of its popular Model 3 in US later this year and also has commenced shipments of its Model Y cars equipped with new hardware for its Autopilot feature.
Elon Musk, the CEO of Tesla, announced that the company will start advertising for the first time. Analysts believe this step is aimed at boosting demand for Tesla vehicles.