Tesla is already discounting the new Model Y
The refreshed Model Y was supposed to spur more Tesla purchases but it’s already on sale, suggesting there isn’t as much pent-up demand as the EV company would have liked.
Just weeks after launching the less expensive version of the Model Y, the company is offering reduced interest rates of 1.99% APR or $0 due at signing, Electrek reports. That’s right on the heals of another $2,000 discount Tesla offered to existing Model Y owners. “This equates to a direct discount on the brand new vehicle that was supposed to spark Tesla’s demand back,” Electrek wrote, pegging the value of the break at a “few thousand dollars.”
Last quarter, Tesla retooled its factories to start building the new Model Y, a transition that caused a decrease in production. That decrease, however, might have been a blessing, since that meant fewer unsold cars stashed in parking lots outside its factories (though, notably, there are a whole bunch of Cybertrucks).
Industry experts had speculated that some of Tesla’s declining vehicle sales might have had to do with people waiting for the new Model Y to make a purchase. Discounts suggest that’s not the case.
Last quarter, Tesla retooled its factories to start building the new Model Y, a transition that caused a decrease in production. That decrease, however, might have been a blessing, since that meant fewer unsold cars stashed in parking lots outside its factories (though, notably, there are a whole bunch of Cybertrucks).
Industry experts had speculated that some of Tesla’s declining vehicle sales might have had to do with people waiting for the new Model Y to make a purchase. Discounts suggest that’s not the case.
