Login
My Garage
New hero

Tesla issues massive price cut across range of electric cars

By Tom Gibson | January 24, 2023

Share

Why not leave a comment?

See all | Add a comment

Elon Musk has wiped £9,100 off the price of a Model Y.

Tesla issues massive price cut across range of electric cars

There’s long been a need for electric vehicles to become cheaper to help persuade more motorists to make the switch, and Tesla has taken a big step in that direction by wiping thousands from the price of some of its range.

The Elon Musk brand cut the entry-level price of a Model 3 by £5,500 to £42,990, while the extremely popular Model Y, which has a 283-mile range and a top speed of 135mph, is now £44,990, following a huge cut of £7,000.

The price cuts are in the range of 10 percent to 13 percent in the UK, although motorists in the USA could save as much as 20 percent.

Teslas share price has taken somewhat of a battering over the past couple of years which has only worsened since Musk took public charge of Twitter. Shares are currently worth around 40% of what they were two years ago.

The brand, which led the way globally in sales of electric cars, is now facing increasing competition as VW Group and a host of Chinese manufacturers begin to take market share back from Tesla so this move may well be an attempt to solidify its position at the top of the electric tree.

New Tesla owners aren’t happy about the price cuts which will significantly impact the resale value of their cars. One posted on a Facebook group for Tesla owners: "I just picked up the car yesterday. What should I do? Go to Tesla and give back the car? I can't believe after a few hours from picking up the car I lost £5k".

Related Articles

You can save big on your car insurance by simply asking
Find out how simple haggling can save you up to £200 on your car insurance renewal. Learn tips to challenge price hikes and get a better...
Jul 02, 2025
Should the Government Raise Petrol Prices to Fund Public Services?
Is increasing petrol prices by 10p per litre a fair way to fund public services, or is it an unfair extra cost on drivers?
Jul 01, 2025
London Congestion Charge to Rise 20% to £18 Daily from January 2026
The Congestion Charge zone covers central London, stretching from Mayfair to Tower Bridge (east-west) and from Euston Road to Vauxhall...
Jul 01, 2025
Car insurance price by title: Mr, Mrs, Miss or Ms - who pays more?
Men vs women: who pays more for car insurance in 2025? New data reveals big differences in quotes based on title alone.
Jul 01, 2025