Teslas are flying off the lot thanks to a clever blend of discounts, tax credits, and a nifty new referral program.
Meanwhile, high interest rates and inflation have made the auto market somewhat competitive, shrinking the pool of new car buyers, as reported by Electrek. This has forced car companies like Tesla to become more innovative in their approach to create a broader appeal to consumers, mainly through pricing, to further propel the adoption of electric vehicles (EVs).
In April, Tesla's new inventory in the U.S. hit a record high in what seemed like part of a strategy to recapture market share. But since then, there's been a significant drop in available cars — by almost 20% in just a few weeks, according to Electrek.
It seems that consumers are taking full advantage of the price reductions and snagging a new Tesla while they can. Although it may be harder to find inventory after all the buzz, the bright side is that strong demand shows consumers' reception of these high-tech and more sustainable vehicles.
The Model X, Tesla's luxury SUV, saw a significant dip in inventory, while the Model S and Model Y have remained relatively stable, according to data tracked by Tesla inventory watcher Matt Jung. The Model 3, however, had a bit of a hiccup with its increased inventory. Tesla is offering an increased discount on new Model 3s to reduce its on-lot inventory.
Aside from Tesla selling more cars, more everyday people can get their hands on EVs thanks to the affordable pricing and incentives, like discounts and tax credits. It's now easier to say goodbye to gas guzzlers and hello to a cleaner, greener, and more high-tech future with EVs. Every electric vehicle on the road means less carbon pollution.
As for Tesla, it seems that the demand increase could hold strong or even continue to grow.
During a Tesla shareholders meeting in May, CEO Elon Musk said, "we'll try out a little advertising and see how it goes," which, as Reuters reported, is a first for the famously ad-averse company.
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