Tesla owners feel ‘duped’ after the company cut prices

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 Tesla Inc. logo

The Tesla Inc. logo is seen on the grille of a Model X electric vehicle at the Moscow Tesla Club in Moscow, Russia, on Friday, July 20, 2018. (Andrey Rudakov/Bloomberg via Getty Images/Getty Images)

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.

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“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 speaks at meeting in Norway

Tesla CEO Elon Musk smiles as he addresses guests at the Offshore Northern Seas 2022 (ONS) meeting in Stavanger, Norway, on Aug. 29, 2022. (Carina Johansen/Getty Images/Getty Images)

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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Tesla Model S

FILE PHOTO: The interior of a Tesla Model S is shown in Autopilot mode in San Francisco, April 7, 2016. (REUTERS/Alexandria Sage/File Photo / Reuters Photos)

“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.

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