Tesla started offering a $3,750 incentive on its Model 3 sedan and Model Y SUV on its website earlier this month, but on Wednesday doubled the discount to $7,500 for those who take delivery between now and Dec. 31.
File: Tesla Model Y and Model 3 electric vehicles wait to be loaded on board a cargo vessel at Nangang port on May 15, 2022 in Shanghai, China. Tesla Inc. is offering rare discounts through year's end on its two top-selling models, an indication that demand is slowing for its electric vehicles.
"This is a sign of demand cracks and not a good sign for Tesla heading into the December year-end," Wedbush analyst Dan Ives said in an e-mail. "EV competition is increasing across the board, and Tesla is seeing some demand headwinds." Without the discounts, the Model 3 starts at just over $48,000 including shipping, while the Y has a starting price of just over $67,000. To be eligible for the federal tax credit, vehicles can't have a sticker price of over $55,000 for sedans and $80,000 for trucks and SUVs.
On the company's third-quarter earnings conference call in October, Tesla CFO Zachary Kirkhorn said Tesla will fall just short of its 50% sales growth target. But he later was contradicted by CEO Elon Musk.
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