Tesla Offers Fresh Discounts on Select Cars — Model 3 Discount Doubles to $3,020

EV giant Tesla Inc TSLA is offering fresh discounts on some of the cars in its inventory.

What Happened: The discount on Model 3 has increased to $3,020, which is twice the previous offer of $1,300 available during the latter half of May.

A 2023 Model 3 in Central Valley California, for one, is now priced at $42,060, at a discount of $2,680.

Tesla is providing a reduction of approximately $600 on Model Ys.

The EV giant is also offering discounts on select, higher-priced Model X and Model S cars.

Why It Matters: Tesla commenced price cuts in the U.S. in January with price cuts of up to 19.7%. The slew of price cuts enabled better first-quarter deliveries for the EV giant and added pressure on rival EV makers to cut costs to battle competition.

Though Tesla has increased its prices since May, they are still priced considerably lower than at the beginning of the year.

At Tesla’s annual shareholder meeting earlier this month, CEO Elon Musk said that no company is immune to the macroeconomic environment. However, he also expects the situation to turn around in a year and believes that the EV company is well-positioned when it happens.

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