Tesla recently reduced the price of their Model Y to $759 below the average vehicle cost in the U.S. Bloomberg reports that by 2022 it will become one of the most popular electric vehicles and now starts at $46,990.
Model Y prices were initially cut in January due to slow sales and decreased Tesla stock. Both its all-wheel drive and long-range drive variants qualify for a $7.500 federal tax credit.
Tesla recently reduced the starting price of its Model Y to $759 below that of an average new car in America, according to Bloomberg reports. They predict it will become one of the most popular electric vehicles by 2022; its starting price now stands at $46,990.
Model Y prices were initially reduced in January due to slower sales and reduced Tesla inventory levels. Both its all-wheel drive and long-range drive versions are eligible for a federal tax credit of $7500 each.
Elon Musk, the largest shareholder of Tesla, reduced Model X and Model S prices in March while Tesla cut the base price of their least costly version, the Model 3, by 6% in January.
Tesla's share of the U.S. electric vehicle market is diminishing, even as overall sales continue to increase. Tesla held 80% from 2018-20, according to S&P registration data, but by 2021 this had fallen to 71%.
Recent polls by The Associated Press-NORC Center for Public Affairs Research and the Energy Policy Institute at University of Chicago reveal that four out of ten U.S. adults believe their next vehicle may be electric.
