Tesla Model Y Performance Hits Sweet Spot For EV Incentives In Canada After Price Drop

EV giant Tesla Inc‘s TSLA high-end version of the Model Y SUV is now eligible for C$5000 (~$3,717) in zero-emission vehicle incentives in Canada after the recent price cut.

What Happened: Tesla cut prices on Model Y Performance in Canada by 5.8% or C$4,300 (~$3,196.6) on Tuesday. The vehicle is now priced at C$69,990 (~$52,030.20) as compared to the earlier starting price of C$74,290 (~$55,226.80)

For higher-priced trims of electric SUVs to be eligible for incentives in Canada, they must be priced below a price threshold of C$70,000 (~$52,037.70), which the Performance version now fits into. The vehicle will now start at C$64,990 (~$48,313.20) after incentives.

Why It Matters: Currently, all three versions of the Model Y qualify for an EV incentive in Canada, similar to the U.S. where all vehicle trims qualify for a federal EV tax credit of $7,500.

According to information listed on the federal institution Transport Canada’s website, Tesla’s Model 3 rear-wheel drive and Long-range versions are also eligible for C$5000 in Canada unlike in the U.S. where neither versions of the lower-priced sedan qualify for EV tax credit.

Check out more of Benzinga's Future Of Mobility coverage by following this link.

Read Next: Ford Labels Tesla, Chinese Rivals As ‘Ultimate Competition’ As It Sharpens Focus On Smaller EVs, Adopts GM Hybrid Playbook

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: NewsTechelectric vehiclesEVsmobilityModel Y
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!