Tesla has launched aggressive discounting measures unusually early in Q4, offering price cuts of up to $4,000 on select Model Y and Model 3 electric vehicles (EVs).

As Tesla faces pressure to avoid its first-ever annual delivery decline, the company has substantially reduced prices up to $4,000 across its most popular models according to its inventory. The 2024 Model Y Long Range rear-wheel drive (RWD) is now available at $41,390, marked down from its original price of $44,990. Similarly, the Model 3 Long Range RWD has been reduced to $40,010 from $43,490.

Beyond the direct price cuts, Tesla is offering a variety of additional incentives:

This aggressive discounting strategy marks a departure from Tesla’s typical sales pattern. While the company traditionally offers its best deals at quarter-end due to its direct-to-consumer model, these substantial discounts are appearing just weeks into Q4. The company only recognizes revenue when vehicles reach customers’ hands, making end-of-quarter inventory particularly important for financial reporting.

The early discounting comes as Tesla faces significant pressure on its delivery numbers. After posting underwhelming results in early 2024, with deliveries falling 8.5% year-over-year in Q1 and 4.8% in Q2, the company needs to deliver at least 514,926 units in Q4 to surpass its 2023 total of 1,808,581 units and avoid its first-ever annual delivery decline.

Moreover, Q3 showed some improvement with 462,890 deliveries, representing a 6.4% increase year-over-year, but still fell short of market expectations.

The timing and scale of these discounts suggest Tesla is taking aggressive steps to boost sales volumes. Furthermore, the company appears to be prioritizing delivery numbers over margin preservation, marking a significant shift in strategy as competition in the EV market intensifies.

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The discounting strategy has also extended beyond U.S. borders, with Tesla recently introducing inventory discounts in Canada ranging from $1,500 to $3,040, though these have not seen the same increases as their U.S. counterparts.

With these price cuts on popular EV models in Tesla’s inventory, the company is setting itself to lead the race in the North American market while ensuring that it takes over its competitors among the EV industry.

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