Tesla Model Y Becomes Europe’s Best-Selling Car in Q1 After Price Cut
Palo Alto-based automaker, Tesla Inc, has been on the forefront of the Electric Vehicle (EV) revolution since its inception, and the company’s Model Y midsize SUV has been making headlines lately. According to Automotive News Europe (1), Model Y more than doubled its European sales in both February and March compared to the same period last year. The report adds that after slashing prices, the Model Y midsize SUV is poised to become Europe’s best-selling EV in Q1.
Tesla has been cutting prices on some of its models as it faces increasing competition (2). USA Today (2) reported that the price of some Tesla models was cut for the sixth time this year. Meanwhile, Reuters (3) stated that Tesla had cut prices for some of its Model Y and Model 3 vehicles in the US for the sixth time this year to juice demand. TechCrunch (5) and Electrek (6) reported that Tesla has cut the price of its Model 3 and Model Y electric vehicles for the second time this month. Now, Tesla’s most popular models will start at under $40,000 (6).
The Model Y has seen a lot of hype since its launch and was dubbed “ultra-ambitious” by Elon Musk himself, who predicted that it would become the best-selling car in the world (4). Now, it seems that Musk’s ambitious prediction might come true, and he is getting the last laugh. InsideEVs (7) confirmed Tesla’s position by stating that Elon Musk’s prediction about the Model Y becoming the best-selling car in the world may come true.
Despite concerns that the pandemic has slowed investments in EVs, there is no doubt that the EV revolution is only getting started, and Tesla appears to be leading the way. According to The Verge (8), the company has cut the price of its Model 3 and Model Y vehicles in the US for the second time this month, reducing the starting price of Tesla’s cheapest sedan to $35,000. Barron’s (9) noted that Tesla had cut the price for its vehicles in the US again ahead of first-quarter earnings due on Wednesday evening.
In conclusion, Tesla’s ongoing efforts to make EVs more affordable seem to have paid off well, especially concerning the Model Y. Furthermore, the company’s efforts to reduce the price of EVs will likely lead to increasing demand for electric vehicles in the coming years. Whether Tesla achieves its ambitious electric vehicle targets or not remains to be seen, but the company’s commitment towards creating an EV future is certainly worth watching.
References:
1. https://europe.autonews.com/automakers/tesla-model-y-poised-be-europes-no-1-seller-q1
2. https://www.usatoday.com/story/money/cars/2021/04/26/tesla-model-3-model-y-prices-fall/7385186002/
3. https://www.reuters.com/business/autos-transportation/tesla-cuts-us-prices-sixth-time-this-year-ahead-quarterly-results-2021-04-26/
4. https://electrek.co/2021/04/26/elon-musk-tesla-model-y-best-selling-car-world-prediction-comes-true/
5. https://techcrunch.com/2021/04/23/tesla-cuts-prices-for-model-3-model-y-on-eve-of-q1-earnings/
6. https://electrek.co/2021/04/26/tesla-slashes-model-3-model-y-prices-brand-new-cars-now-starting-under-40000/
7. https://insideevs.com/news/502426/musk-model-y-world-best-seller/
8. https://www.theverge.com/2021/4/26/22404200/tesla-model-3-y-price-cut-elon-musk
9. https://www.barrons.com/articles/tesla-stock-price-cut-model-y-reduce-polestar-51619307957
