Electric Vehicles

Tesla Drops Prices Again
© Ivan Marc / Shutterstock.com

Tesla Drops Prices Again

By Simon Johns - Jan 16, 2023

U.S. electric vehicle company Tesla has cut prices again, this time in America and Europe, in an attempt shore up sinking sales.

While still the world’s number-one EV seller by unit sales, Elon Musk’s company has suffered a series of financial upsets over the past year. In November, the company’s stock hit a two-year low caused by COVID-19 restrictions in its biggest market China, where a third of all its cars are made. 

The pandemic has also caused an overall contraction of stock markets, which hit Tesla’s already expensive share price, as it did many others. Musk’s inexplicable foray into social media sent investors into a maelstrom of dumping shares, as Musk sold off U.S. $3.58 billion of his own stock to fund the purchase of Twitter.

>Read more about Tesla here.

The latest discount of up to 20% on selected models is the fourth time Tesla has cut prices in the past four months. In October 2022, Tesla offered Chinese drivers 9% off of a Model 3 or Model Y. This was increased to 14% in early January. Across the Pacific, the carmaker lured buyers in Canada with a U.S. $3,750 credit on a Model Y or Model 3 if the delivery was made before December. By year’s end, Musk doubled the credit to $7500.