UPDATE: Carmax sold 57% of its ENTIRE Tesla inventory in the past 24 hours ? Īs I believe I’ve expressed before, I have some skepticism about and not just because he pays for a blue checkmark and tweets bullshit memes. It doesn’t require a lot of shrewd analysis to see that lowering prices helps to move inventory.īut what of used cars? Used cars also qualify for incentives but they’ve got to be below $25k and sold by a dealer, so that rules out most used Teslas for sale right now. Then came Tesla’s big price drop last week, putting the Model 3 and Y into contention for the tax break in certain trims.ĭid it work? The TeslaData website tracks Tesla inventory and, going back to October, you can see a big spike in the inventory above followed by a big drop. The problem? New Teslas were mostly too expensive.
Tesla inventory model 3 full#
The Great Tesla Sell-Off Continuesįirst, there was the great sell-off in Tesla stock, with the company losing 64 percent of its value in the last year (based on the current stock price, which I Googled about two minutes ago.) Then came the Inflation Reduction Act, with a quirk that meant new Teslas suddenly could qualify for the full $7,500 tax credit until the end of March. If that’s not your vibe, I also have the dullest story in the history of dull stories because David is quite excited about it. Tesla shares fell about 1% to $190.41 in Nasdaq trading on Friday.The sudden Tesla price drops have had the seemingly intended impact on Tesla’s inventory, with cheaper cars and government incentives colliding to move a lot of the cars.
Whatever Treasury announces, the standard range Model 3 will absolutely not be eligible anymore after this month because it uses Chinese CATL batteries,” he said. “They probably did build more Model 3s to try to take advantage of the tax credit. In particular, tighter requirements for battery components to be produced in North America may reduce tax credits for EVs produced by GM and other automakers that currently receive the full $7,500 incentive. The Treasury Department is likely to announce modified rules to qualify for the credit next week, eliminating vehicles that use batteries made with cells sourced from China, said Sam Abuelsamid, principal analyst for Navigant Research and a Forbes contributor.
Tesla inventory model 3 update#
This $7,500 credit is in effect for deliveries taken before an update to the federal guidance, which Treasury and the IRS intend to issue no later than March 31, 2023.” On its website, Tesla notes that “New Model 3 and Model Y vehicles qualify for a federal tax credit for eligible buyers. Still, rising interest rates are impacting auto sales this month, pushing up monthly loan and lease payments, Krebs said.Ĭustomers who purchase a Model 3 from the company’s current inventory can get an additional discount of up to $900. The average transaction price for new EVs dropped by over $1,000 last month to $58,385 due to price cuts by Tesla and other manufacturers. A challenge for Model 3 is also that it’s a car and “people want sport utility vehicles, which is why you’re seeing tighter demand for Model Y,” she said. “We have been anticipating that the new competition in the EV space will eventually cut into Tesla’s market share,” said Michelle Krebs, executive analyst for Cox Automotive. Tesla is the world’s biggest EV brand, but the arrival of new models from companies including General Motors, Ford, Volkswagen, Hyundai and Kia and startups such as Rivian are expanding the market at Tesla’s expense. (Longo Toyota in suburban Los Angeles, the world’s largest Toyota dealership by sales volume, has no new 2023 or 2024 Prius models in stock.)
By comparison, supplies of Toyota’s fuel-saving Prius, which shifts to a new model in the coming weeks, are almost nonexistent across the U.S.
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