Featured Image Credit: REUTERS/Wachiwit/Alamy Stock Photo
Topics: Cars, Electric Cars, Tesla, Elon Musk, Money
Daisy Phillipson
Topics: Cars, Electric Cars, Tesla, Elon Musk, Money
Tesla customers have been left feeling understandably angry after cutting the price of its electric car models by up to $13,000 (£10,000).
It's no secret that the Elon Musk-owned company has been suffering of late, with Tesla's 2022 stock prices dropping by an eye-watering 68 percent from their record high in late 2021.
While the value of some major US companies have declined over the past year, the average price drop was about 20 percent.
In line with this market shift, earlier this week, the prices of a number of Tesla's vehicles dropped significantly in the UK.
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Model 3's starting cost went from £48,490 ($59,300) to to £42,990 ($52,600) – a sizeable £5,500 ($6,700) less.
Meanwhile, the basic Model Y, which was previously priced from £51,990 ($63,600), now starts at £44,990 ($55,030), down by £7,000 ($8,560).
And it looks like the rest of the company is following suit, with price cuts in other European countries as well as the Middle East, Africa and the US.
There have been cuts in America by up to 20 percent, with the basic Model Y now costing $52,990, down from $65,990.
And the Model 3 Performance has been slashed by $9,000, bringing the price down from $62,990 to $53,990.
In short, Tesla appears to be dealing with economic struggles by introducing dramatic discounts, which should also help to beat out competition from its EV rivals.
Speaking to Reuters, Thomas Hayes, chairman and managing member at Great Hill Capital, said: "Competition is coming and they are responding with price cuts."
While the measure certainly benefits any new Tesla customers, those who bought models just before the cuts have been left raging.
One person wrote on Twitter: "@TeslaUK got a Model Y 12 days ago and now the prices have been slashed!! Complete mockery of customers!"
Addressing the Tesla founder, a second tweeted: "Purchased a Model Y in early December. Car came without basics like parking sensor. And now you slashed the prices by $13k!
"Are you planning to fix the parking sensor problem? Feels like we got duped into taking delivery by your aggressive sales team."
A third who tagged Tesla and Musk added: "I got Tesla Y on 07 Jan 2023 and prices slashed now - good for new customers but why current customers to bear this huge price cut...
"We bought a car and not betting in share market, DO SOMETHING."
A fourth chimed in: "This is for Elon Musk. I ordered a model Y and waited about six months to take delivery.
"Pick it up December 3rd 2022 and today we find out that Tesla slashed the price by $10,000.
"I think this is very poor business practices and you should have given us notice of this price cut."
And a fifth said: "I've been robbed by Tesla buying it that high price and after 2 months it’s 13k lower WTF."
UNILAD has contacted Tesla for comment.