Tesla slashes Australian prices of its best selling EVs for second time in a month

Global electric vehicle giant Tesla has slashed the price of its best selling Model Y and Model 3 electric cars for the second time in a month, taking another $3,000 off their cost and making them the cheapest they have ever been.

Tesla’s sales in Australia have jumped significantly in the first quarter of the year, but on global scale they were down eight per cent.

And even though the Model Y and the Model 3 account for around 60 per cent of Australia EV sales, the price has been cut again, just weeks after up to $8,000 was slashed off the price of some variants.

The latest price cuts are focused on the standard and long range variants, which with the Model Y will both see a $3,000 price cut. 

This now brings the line-up down to: 

• Tesla Model Y RWD – $60,900 (down from $63,900)
• Tesla Model Y Long Range AWD – $69,900 (down from $72,900)
• Tesla Model Y Performance AWD – $82,900 (remains the same)

Along with that, Tesla has also cut prices of the recently refreshed Model 3 RWD variant which starts at $58,990, making it the cheapest it’s ever been in the country. 

This is also a price reduction of $3,000 and it carries over to the dual-motor Long Range variant, which now starts at $67,990, down from $70,990.

So far in 2024, Tesla has sold 6,835 Model Ys which makes it the best-selling EV in the market. Following the Model Y’s lead in sales, the re-designed Model 3 has seen 5,954 sales.

This is well ahead of the BYD Atto 3, which holds the third spot with 2,200 sales. 

In recent weeks, Tesla has amped up the discounts across multiple markets, and earlier this week announced major price cuts in the US and China, its two biggest markets.

Tesla is due to release its first quarter earnings results on Wednesday morning (Australian time), and the market is keen to hear from CEO Elon Musk to explain the huge job cuts announced last week, and plans for the so-called Robo0-taxi, and if the company will still move forward with its $25,000 EV known as the Tesla 2.

On top of the discounts, there have been notable improvements in both the Model 3 and Model Y vehicles over the past 12 months. 

Locally in Australia, the brand has launched new colours for the Model Y, upgraded its camera hardware and added visual styling changes to the aerocap wheels.

These new paints come in the form of Quicksilver and Ultrared and add $2,600 to the price of the car when purchased with the standard white paint.

The Model 3 has been refreshed with newer high-definition cameras, better-quality materials, ventilated seats, a quieter cabin, improved ride quality and an upgraded sound system.

All these additional features are now available at the lowest price Tesla has ever sold the Model 3.