Following recent price cuts in other parts of the world, Tesla has cut the price of the Model Y and Model 3 in the UK by £7,000.
We’ve complained endlessly about the unaffordability of EVs – and the constant rise and rise in the price of EVs (and ICE cars too) – with it looking more and more like car makers are pushing the price envelope as far as they can and blaming increases on inflation and supply-chain issues to profit at buyers’ expense.
But there’s only so far prices can go up before buyers stop materializing – even with huge tax benefits for businesses and employees – and it seems Tesla’s world domination plans mean it’s having to cut prices to keep sales momentum.
So, overnight, Tesla has slashed the price of the Tesla Model 3 and the Testal Model Y in the UK by a thumping £7,000, cutting the entry-level Model 3 to £42,990 and the entry-level Model Y to £44,990. Tesla said:
Our focus on continuous product improvement through original engineering and manufacturing processes have further optimised our ability to make the best product for an industry-leading cost.
As we exit what has been a turbulent year of supply chain disruptions, we have observed a normalisation of some of the cost inflation, giving us the confidence to pass these through to our customers.
The price cut should see Tesla’s sales boosted, although it won’t please anyone who’s bought a Tesla in the last year, and will have a knock-on effect on the price of used Teslas, which have already nosedived in recent months, with the Model 3 down by 23 per cent.
Will others follow suit?