Tesla Cuts Model Y Prices In Canada To Make It As Cheap As Model 3
Portfolio Pulse from Anan Ashraf
Tesla Inc (NASDAQ:TSLA) has reduced the prices of its Model Y SUV in Canada by up to 6.9%, aligning its cost with that of the Model 3 sedan. The price cut affects the rear-wheel drive and long-range versions of the Model Y, with reductions of C$4000 (about $2,990). Despite this adjustment, the price of the Model Y Performance remains unchanged. This strategic pricing move comes as the Model Y achieved the status of the world's best-selling vehicle model in 2023, marking a significant milestone as the first EV to achieve this.
February 02, 2024 | 8:56 am
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Tesla's strategic price reduction of the Model Y in Canada could enhance its market competitiveness and potentially boost sales, reinforcing its position in the EV market.
The price reduction of the Model Y in Canada is likely to make the vehicle more accessible to a broader range of consumers, potentially increasing sales. Given the Model Y's status as the world's best-selling vehicle model in 2023, this move could further strengthen Tesla's market share and brand loyalty among EV consumers. The unchanged price of the Model Y Performance suggests a strategic focus on increasing the affordability of entry and mid-level models.
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