In a surprise move, Tesla aggressively cuts the cost of its Model 3 and Model Y EVs by £7000 in the UK. Full story 👉
The company explained its logic in a statement: ‘Our focus on continuous product improvement through original engineering and manufacturing processes have further optimised our ability to make the best product for an industry-leading cost. As we exit what has been a turbulent year of supply chain disruptions, we have observed a normalisation of some of the cost inflation, giving us the confidence to pass these through to our customers.
Is it a move to shore up its sales in an increasingly competitive market? Almost certainly. Chinese brands, such as Ora and MG, are arriving in Europe with attractively low prices and it’s likely that Tesla is moving defensively to protect its current market dominance. It was the largest EV brand in the UK in 2022 and sold more electric cars than Peugeot, Land Rover, Volvo or Skoda did of
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