Tuesday 7 March 2023

Tesla slashes EV prices again

Tesla has made price cuts to two of its electric vehicle (EV) models for the fifth time already this year.

The Model S has seen a 4% drop, with the Model X decreasing by 9%.

Elon Musk has mentioned continually throughout the year that price cuts were being made to drive demand, stating recently that many people want to buy a Tesla “the limiting factor is their ability to pay.”

The latest drop in prices is $5,000 (£4,100) on the Model S and $10,000 (£8,300) on the Model X – coming after the 20% discount made available in January.

Renault Chief Executive Luca De Meo slammed Tesla’s decision to cut EV prices, claiming “this is destroying value for the customer, for sure, when you do this.”

This is due to the drop in prices having a backlash from customers who had recently bought EVs from the company, seeing the value of their purchase fall seemingly overnight.

Tesla has been approached for a response.