This Tesla SUV Price Drop Is Bad for Tesla Stock, But Great for Drivers
Tesla is one of the most dynamic automakers in the last decade. The American electric vehicle and clean energy company is changing the automotive industry with impactful nameplates and charging infrastructure. The brand produces two of the most popular electric vehicles on the market. Its small electric SUV just got more affordable. Here’s how that price drop hurt its stock but attracted more consumers.
The Tesla Model Y just got way more affordable
Tesla’s small electric SUV is more affordable now than it has been in months. The base model is finally available.
The 2023 Tesla Model Y now starts at $46,990. The Long Range configuration starts at $49,990. Tesla’s final Model Y configuration, the Model Y Performance, starts at $53,990.
According to CNN, the Model Y with all-wheel drive, Long Range, and Performance are all eligible for the federal electric vehicle tax incentive of $7,500. The EV is currently the most popular electric vehicle in the world. Its recent price drop will make it even more popular among consumers.
The Model Y’s affordability may be great for drivers, but it’s taking a serious toll on Tesla stock. The brand’s share price has tanked in the last few weeks because its new affordable pricing cuts into profit margins. Making Tesla vehicles affordable and accessible is a great strategy to corner the market, but the loss in profit is spooking investors. Nonetheless, the Model Y’s affordability is still a huge win for the brand’s legacy, as it will only become more popular now that it’s within the budget of more drivers.
Why is the Tesla Model Y the most popular electric vehicle?
The 2023 Tesla Model Y | Tesla
The Tesla Model Y is the most popular electric vehicle in the world because it has impressive specs. The small electric SUV has an estimated driving range of 279 miles. Tesla’s base model can go from 0-60 miles per hour in just five seconds. It’s quick and has enough driving range to satisfy many drivers. The SUV is also modern and luxurious.
Tesla has built strong brand recognition over time (for better or worse). The electric vehicle and clean energy company has made a huge impact on the EV space. Tesla and the Model Y aren’t going anywhere anytime soon. In fact, the Model Y’s price drop could be the nail in the coffin for many competitors. Just a few months ago, it seemed like rival automakers had Tesla on the ropes with emerging nameplates. Tesla clearly isn’t going down without a fight.
The Tesla Model Y is taking over the world
Tesla’s small electric SUV is positioned to dominate the competition in 2023 thanks to its new affordable pricing. It has already made a huge global impact and should only get more popular with time.
Tesla’s stock may freefall in the days (or weeks) to come, but the clean energy and electric vehicle company remains one of the most dynamic names in the automotive industry. Can anything stop the Tesla Model Y’s rise to the top as it continues on its path to global domination?
