Tesla slashes prices amid sales slump

Now is the time to buy a new Tesla it seems after the electric carmaker slashed prices of its cars amid slowing sales and a pitiful share price.

Recent price cuts on models like the Model Y in the United States have seen the car’s price drop by as much as 20 per cent while a base model Model 3 is also now 6 per cent cheaper.

That means a Model Y Performance now starts at $US57,000 ($89,000) when it was previously priced at $US70,000 ($109,000).

While it may benefit buyers, the price cuts are putting off investors with Tesla’s share price dropping by around 2 per cent over the weekend.

In the past year, Tesla’s stock has fallen by just under 65 per cent due to a number of factors, one being CEO Elon Musk’s recent acquisition of Twitter which seems to be occupying most of his time.

However, the carmaker’s woes don’t just stop stateside as recent Tesla buyers in China staged a protest against the brand after they missed out on newly introduced price discounts.

Some publications are reporting that buyers simply aren’t interested in Teslas anymore which is no doubt down to the other electric carmakers chipping away at its market share with new models over the past few years.

As for New Zealand, the Model Y and Model 3 have been fairly popular throughout 2022 with each model often being among the best selling EVs each month.

Prices here haven’t seemed to budge either with a rear-wheel drive Model Y still sitting between $76,000 to $82,000.