Tesla Offers Discounts Up To $3,000 On Model Y Inventory Vehicles In The US

EV giant Tesla Inc TSLA is offering discounts on Model Y inventory vehicles in the United States of as much as $3,000.

What Happened: Tesla’s vehicle inventory of Model Y shows the EV giant offering discounts going as high as about $3000. Further, all Model Y vehicles qualify for a tax credit of $7,500, making the vehicles further cheaper for the end consumer.

Why It Matters: The Model Y SUV is the best-selling car from the automaker starting at $43,990 for its rear-wheel drive version. Its Long Range version starts at $48,990 and its Performance version at $52,490.

During the company’s third-quarter earnings call last month, Tesla CEO Elon Musk expressed concerns about falling demand as rising interest rates make EVs more expensive for the consumer.

With rising interest rates, the monthly payments customers pay for the cars haven’t really changed despite price cuts, Musk said.

“When you look at the cost or the price reductions we've made in, say, the Model Y and you compare that to how much people's monthly payment has risen due to interest rates, the price of the Model Y is almost unchanged,” Musk said.

Price Action: Tesla shares closed 2.38% higher at $241,20 on Tuesday.

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