EV giant Tesla Inc (NASDAQ:TSLA) has cut prices on a few versions of its Model Y SUV in Canada by as much as 6.9%, making it as cheap as its Model 3 sedan in the country.
What Happened: Tesla has cut prices on both the rear-wheel drive and the long-range version of the Model Y by C$4000 (about $2,990). While the rear-wheel drive version of the vehicle now starts at C$53,990, the long-range version starts at C$63,990.
The price of the Model Y Performance, however, is unchanged at C$74,290.
With the new price cut, the Model Y has the same starting price in Canada as the Model 3 sedan. The Model 3 was previously Tesla’s cheapest offering.
Why It Matters: Tesla delivered over 1.2 million Model Y SUVs in 2023, solidifying its position as the world’s best-selling vehicle model. It is the first EV ever to wear that crown.
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