Tesla lowers prices for unsold items Model Y SUVs in the US, trying to liquidate an unprecedented amount of stock. About this reports Tech Crunch.
Many high-range, high-spec Model Y models are now selling for $5,000 less than their original price, and rear-wheel-drive versions are down even more, by more than $7,000, the publication notes.
These discounts are due to the fact that Tesla once again produced many more cars than they sold in the last quarter.
In the first quarter, the company produced 433,371 vehicles but delivered only 386,810, likely adding more than 40,000 EVs to its inventory. The company has built more cars than it has shipped in seven of the last eight quarters, Bloomberg News notes.
In January, Tesla warned that sales growth could be “significantly lower” in 2024 than in previous years.
Musk has more or less admitted that Tesla has had to work harder lately to increase demand for its cars. He blamed high interest rates in large part for that, even though his company has sharply cut prices for the Model Y and Model 3 through 2023.