Tesla slashes Model 3 prices in Europe by quite a bit to woo buyers

Tesla is in no mood to give up its position of strength and superiority in the electric mobility space and to make further woo prospective buyers, has lowered the prices of Model 3, its most affordable EV currently, in several European markets.

File photo of Tesla Model 3 EVs. (REUTERS)
File photo of Tesla Model 3 EVs.

According to reports, the most significant price reduction is on the Standard Range Plus version of Tesla Model 3 in France. The price of the EV has been slashed by around 6,190 euros and is now at 43,800 euros. The Long Range and Performance versions have seen a price cut of 5,800 euros and 6,000 euros, respectively.

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The Standard Range Plus with right-hand drive has been given a price cut of 3,000 euros and now sits just under the 40,000 euros' mark. After subsidies, the price is around 34,000 making it far more affordable than ever before.

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It is being speculated that the main driving force behind these price cuts is increased competition from rivals who have been rolling out EVs in a bid to challenge the Americans. The likes of Volkswagen, Renault and even Honda with its Honda e have been gunning for a larger market share and a more prominent say in the EV space.

It may not be a drive in the proverbial park.

Tesla has been using its facility in China's Shanghai to not only cater to the increased demand in that country but to now export EVs from here to European markets. This also allows Tesla's California plant to concentrate on demand in the US while still ensuring that waiting period for customers in Europe is kept to a minimum. Price cuts, therefore, become one more way of ensuring that the demand - and the buzz - is maintained.

First Published Date: 22 Jan 2021, 09:25 AM IST
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