Many Tesla owners are expressing frustration with the company after a surprising series of price cuts.
The electric car manufacturer reportedly slashed prices of some models by nearly 20%, according to the Wall Street Journal. The move is seen as a way to attract new buyers at a time when Wall Street is concerned that interest in the vehicles is waning.
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The cuts will likely make some buyers eligible for a $7,500 U.S. government tax credit.
Tesla owners let their hearts out about the unexpected price change in a report for Fortune.
“I feel like I’ve been cheated. I feel like I’ve been taken advantage of as a consumer,” Marianne Simmons, a Tesla owner who bought her latest vehicle from the company in September, told the outlet. “Right away I’m out $13,306. It’s such a big discount that it will affect a lot of people who just bought a vehicle.”
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Elon Musk’s car company slashed the price of its baseline Model Y crossover by nearly 20% to $52,990. That puts the vehicle under a $55,000 limit, making it eligible for the tax incentive.
A 14% cut brings the price of a high-performance version of its Model 3 sedan to $53,990, which also puts it under wraps. The Model 3 and Model Y are Tesla’s best-selling vehicles.
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“For any existing owner, it’s a kick to the teeth,” Tesla owner Ivan Drury told Fortune. “Anyone who recently bought a Tesla will feel an immediate impact if they rented it.”
Tesla delivered about 1.31 million vehicles last year, up about 40% from 2021 but below the company’s target of 50% or more.
“I have solar scheduled to be installed soon. I’m really struggling to give Tesla more of my money and can’t even look at the car this morning,” Tesla Model Y owner Andrew Checketts told Fortune.
Ken Martin of FOX Business contributed to this report.