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Tesla offers $1K February discount on select Model Y's, seeks "continuous production for efficiency"

Published 02/11/2024, 08:38 PM
Updated 02/11/2024, 08:41 PM
© Reuters.  Tesla (TSLA) offers $1K February discount on select Model Y's, seeks "continuous production for efficiency"

Tesla (NASDAQ:TSLA) announced a $1,000 discount on select Model Y variants purchased in February 2024, as it pursues "continuous production for efficiency."

The company's website is now showing a "Pricing Update", announcing "New Model Y RWD and Long Range AWD prices reduced for deliveries now through February 29. Prices will increase by $1,000 or more on March 1."

Tesla's X (formerly Twitter) page also made a post promoting the latest price cuts.

Commenting under the company's announcement, TSLA's head Elon Musk added that the current discount seeks to address "the essential quandary of manufacturing: factories need continuous production for efficiency, but consumer demand is seasonal."

The new pricing brings the base Real Wheel Drive Model Y down to $42,990, and the All Wheel Drive Model Y to $47,990.

The move also signals resumption of the 'EV pricing war,' that forced Tesla and its biggest competitors to offer numerous price cuts across their model lineups in 2023.

Shares of Tesla closed at $193.57 on Friday, and are down 22%+ YTD.

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