Tesla has made significant price cuts to its lineup not only in the US but also in Europe. In the United Kingdom, the EV maker slashed prices by as much as £8,000, the equivalent of $9,760 at the current exchange rate, while in Germany, the biggest reduction was €9,100 ($9,845).
Starting with the UK, the Model 3 sedan and Model Y crossover have been given significant discounts, with the latter seeing the most dramatic cuts.
The largest reduction has been applied to the Model Y Performance, which now costs £59,990, £8,000 less than before. The base Model Y Rear-Wheel Drive starts £7,000 lower at £44,990, while the Model Y Long Range has been made £5,000 cheaper at £52,990.
As for the Tesla Model 3 lineup, the Long Range model benefits from the largest reduction of £6,500, with the price falling to £50,990. Pricing for the Model 3 Rear-Wheel Drive has been cut by £5,500 to £42,990, while the Model 3 Performance is now £3,500 cheaper at £57,990.
A Tesla representative told Autocar that customers who have undelivered orders will have their pricing updated automatically to reflect the changes as long as the original fee is higher.
Gallery: 2022 Tesla Model 3
Similar price cuts have been applied in Germany, Europe's largest car market, as reported by Teslamag. The Tesla Model 3 RWD is now €6,000 cheaper at €43,990, the Model 3 Long Range's price has been slashed by €5,500 at €53,990, while the Model 3 Performance saw a €2,500 price cut to €60,990.
The biggest price cut in Germany is for the Tesla Model Y RWD, which got a €9,100 discount for a new base price of €44,890, making it just €900 more expensive than the Model 3 RWD.
The Tesla Model Y Long Range has been discounted by €2,000 and now starts at €54,990, while the Model Y Performance saw the smallest reduction – €500 – with the new price being €64,990.
The new discounts in the United States and Europe come a week after similar reductions were announced for China and other Asian markets. In China, some owners who had bought Teslas prior to the price cuts protested at various showrooms and delivery centers.
The discounts are part of Tesla's efforts to spur demand after it produced 34,000 cars more than it sold during the fourth quarter of 2022, marking the first time its supply outstripped demand.