Tesla’s new inventory vehicles are falling after a high earlier this year as recent rebates, new tax credits and referrals appear to be working.
High interest rates and inflation have meant that the car market has reduced the number of new car buyers and made the car market more competitive.
To compete, Tesla has cut prices on new orders throughout the year.
Recently, the automaker stopped cutting prices on new orders, but it gave extra discounts on new stock cars and launched a new referral program last month.
In April, Tesla hit a new record high in new inventory cars in the US.
Since then, Tesla offered an additional discount on some new inventory cars and increased referral prices.
The incentives to buy appear to be working as new inventory data tracked by Matt Jung shows that Tesla’s new inventory cars in the US have come down from their peaks:
That’s a drop of almost 20% in just a few weeks. Furthermore, Tesla’s inventory generally increases in the US around this time of the quarter as US manufacturing moves to produce vehicles for the local market.
Here is Tesla’s new inventory per model:
During the last high inventory, the Model X was surprisingly the problem, but inventory of the luxury SUV has decreased significantly.
Model S and Model Y inventory has remained steady, which is particularly surprising for the Model Y, considering the impressive production capacity that Tesla has for the electric SUV in the US.
It appears that the Model 3 is now the problem, which may explain why Tesla has increased the discount on new Model 3 inventory.
I expect the Model 3 won’t be a problem for long with the news that now even the base version gets a full $7,500 tax credit.
That makes the car ridiculously cheap and probably a good enough deal to make people forget the new version is coming soon.
On a more anecdotal basis, an impressive number of people have contacted me in recent weeks about buying a new Tesla. The discount and referral program seems to be working well.
If you are thinking of buying a Tesla and have any questions or would like a referral code/link, please contact me at email@example.com.
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