Tesla experiences skyrocketing demand after dropping prices of Model Y and other EVs

After introducing several incentives and dropping prices in China, EV market leader Tesla didn’t hesitate too long before it responded to the slowing demand for its electric vehicles in other markets as well. In the United States, these recent price cuts for the Tesla Model Y and other models have now led to a rush of new customers and prospective buyers.

According to a recent report by Electrek, Tesla stores across the US are seeing an “unprecedented” increase in demand and a record number of closed sales just one week after the aforementioned price cuts, which made the Tesla Model Y more than US$20,000 cheaper since some trim levels now qualify for the US$7,500 EV tax credit. As a result of the surging demand, the inventory of immediately and shortly available Teslas is also dwindling rather rapidly. 

Officially, the American EV maker has referred to subsiding inflation, its stabilizing supply chains and lower production costs as the main reasons for reducing the prices of the Tesla Model Y and its other cars. Either way, some market observers predict that Tesla's substantial price cuts could start a price war on the previously "embarrassingly" expensive BEV market, which would be a situation from which prospective buyers should benefit immensely.

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