Tesla is offering more than $1300 discounts on some Model 3 cars in US | Mint

Elon Musk-backed Tesla is offering steep discounts on some Model 3 cars in the US. Reportedly, the company is offering discounts of up to $1300 while the company has also raised prices for some cars. Earlier this month, Tesla was also offering discounts of up to $250 on Model 3 and Model Y cars. Model 3 cars now start at $40,240 while Model Y cars start at $47,490.

Tesla is offering even steeper discounts in Europe, with the EV maker offering discounts of up to $3,490 euros on its China-made Model 3 car and discounts of up to 3,660 euros for its Germany-made Model Y car. Reports suggest the company is also offering similar discounts in France, Germany, United Kingdom and Italy. 

According to Reuters, Tesla is offering discounts due to heavy production from its factories in Germany and China. During the first quarter of this year, Tesla had around 15 days of global inventory which is much lower than the industry average of 35 days in the US. However, it is the highest global inventory the company has had in around 3 years.

Tesla is also facing the issue of slowing demand and the company produced more cars than it sold in the first quarter of this year. The sluggish demand along with rising inventory could have forced the company to offer steep discounts. 

Hinting at the reasoning behind price cuts, Tesla CEO Elon Musk at the shareholders meeting last week said, "We see what the demand is and then we adjust pricing to meet the demand,"

However, this is not the first time Tesla is offering discounts on its cars this year. The company has offered discounts in many markets this year in a bid to clear up its stocks. 

Shortly after the shareholder meeting, Musk said in an interview with ABC News that he could try advertising Tesla cars for the first time while warning that it could be a tough 12 months for the company.

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Tesla Heavily Discounts New Inventory, Model 3 Leases Now Start At Just $384 A Month

Tesla has significantly reduced its new inventory prices, with RWD Model 3s now starting at $39,030. After incentives, this brings the effective purchase price to $35,280. For reference, the average price of a new car in the US is roughly $48,000.

When the Model 3 was first revealed back in 2016, Tesla CEO Elon Musk stated it would have a $35,000 base price. Throughout the Model 3's life this has rarely been the case, with the "off-the-menu" Standard Range Model 3 only being available at $35k for 18 months in total.

However, following a $1,210 discount on all new inventory you can now get a Model 3 for just $35,280. Or, if you choose to lease, $384 a month. A very affordable price from Tesla, especially when you factor in the amount of inflation that has occurred in recent years. 

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Clearly, Tesla is continuing to avail of economies of scale as it ramps up production at its Berlin, Shanghai and Texas Gigafactories. The automaker is expected to produce over 1.8 million vehicles this year, the majority of which will be Model 3s and Model Ys.

Furthermore, Tesla is likely trying to move existing 3 units as a facelift is due later this year. By discounting stock now, it will prevent Tesla from having too many "old-style" Model 3s on its hands when the new one launches in Q3/Q4.

The "Project Highland" Model 3 was spotted in testing a few weeks ago, and was allegedly leaked last month. Given the Model 3 and Y share so much in common, both models are expected to be updated simultaneously. 

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