The Model Y had already experienced a slight price drop towards the end of May, following an initial increase earlier that month. However, Tesla has now further reduced the prices. The Model Y Dual-Motor Long-Range AWD, for instance, now costs $55,430, which is $560 less than its previous price.
Similarly, the Model 3 Rear Wheel Drive has received a substantial discount of $3,210, bringing its price down to just $39,530. Additionally, Tesla highlights that this particular model is eligible for up to $3,750 in federal tax credits. Notably, the automaker mentions that delivery dates for all customized Model 3 and Model Y orders are estimated between this month and July.
While the exact reason behind Tesla's pricing adjustment remains uncertain, it is possible that the company aims to boost sales and improve its delivery figures as the second quarter comes to a close. Tesla's consistent achievement of strong quarterly results has become a distinguishing feature. Despite its significant lead over competitors, maintaining such a position is crucial.
Another plausible explanation is that Tesla intends to clear its existing inventory to make way for updated models. Reports suggest that Tesla is actively working on an upgraded version of the Model Y, code-named "Juniper," slated for release in 2024. Rumors also circulate about an imminent update for the Model 3, referred to as "Highland." Selling off current inventory would facilitate a smoother transition for Tesla. Ultimately, the price adjustments could be part of an internal strategy at the company.
Elon Musk recently expressed Tesla's intention to venture into advertising. Increasing demand for its more affordable models could be vital, as Musk predicts a challenging year for the global economy.