Tesla has issued another round of price cuts, except this time it is only to Model 3 vehicles in existing inventory in the US.
Tesla has adjusted their pricing in 2023 almost too many times to count. The automaker started off the year with a massive price cut across their entire lineup of vehicles, as much as 20%, and has since lowered and raised prices since then, depending on the model and variant. Now Tesla is taking a bit of a different strategy and cutting prices on inventory Model 3 vehicles.
According to the third-party Tesla inventory tracking website WaitingForTesla, the discount amounts to $1,210 and applies to new Model 3 vehicles in inventory across the US. At the time of publication there are 738 new Model 3s in inventory. There are no other discounts being offered on new inventory vehicles for the Model S, Model X, and Model Y.
This figure is near a four month high for Model 3 inventory in the US, based on data compiled by Matt Jung. Over the last 120 days inventory levels were under 200 units in February, but since then inventory volumes have been slowly rising to peak at over 800 units earlier this month.
Tesla has obviously not commented on why these discounts were applied, but as the data above indicates, current inventory volumes are unusually high at the moment. One possible reason for less Model 3s being purchased right now could be the impending Model 3 refresh. For months we have seen camouflaged Model 3 vehicles driving around the Bay Area in California as Tesla works to refine the Project Highland redesign. We have seen a leaked photo of the front end of the new Model 3, showing it will be coming with redesigned headlights.
We have also seen drone video from the Fremont factory showing the interior will also have some changes, most notably the removal of the gear and turn signal stalks and a new steering wheel. It is rumoured that trial production of this new design is set to begin in China next month.
While there are no similar discounts in Canada, there is a $500 discount for the Model Y, but only for the seven seater. As we reported first yesterday, the third row option was strangely removed from the Design Studio in Canada, with existing reservation holders also seeing their final price adjusted by $500.