Tesla has decreased Model Y costs across Europe this morning, following lowering Model 3 and Model Y prices in China to rival BYD, according to CNBC.
In Germany, Tesla cut the price of the Model Y Long Range by €5,000, to €49,990 ($54,340), a 9% savings. It also reduced the price of the Model Y Performance by €5,000, to €55,990, representing an 8% reduction. According to Automotive News Europe, the manufacturer joined Volkswagen and BYD in lowering pricing when the government stopped offering EV subsidies. In contrast to BYD's abrupt 15% savings, Tesla is pursuing a more gradual approach.
German drivers may acquire the Model Y for €42,990, which is €1,900 cheaper than the previous pricing.
The Model Y was Germany's best-selling BEV in 2023, accounting for around 45,800 new car registrations. However, Tesla lost its top spot as the country's best-selling BEV brand to Volkswagen. Volkswagen reported BEV sales of 70,628 units last year, a 12% rise over Tesla's 63,685, a 9% decrease.
Tesla Model Y prices in France have fallen by up to 6.7%, 7.7% in the Netherlands, and 7.1% in Norway, according to CNBC.
Last week, Electrek reported that BYD is reducing the price of its EVs in Germany by up to 15%, with the Atto 3 compact SUV receiving the largest savings. BYD only sold 4,140 vehicles in Germany in 2023, but it expects to win a 10% market share after its Hungary plant begins production in a few years.
VW has also reduced costs for the ID line in France, Belgium, Germany, and Norway, among other nations. While Volkswagen outperformed Tesla in Germany, it fell far behind in EV sales in France. According to Automotive News Europe, VW sold 4,791 ID3s in 2023, ranking it as the 84th most popular car overall and the 13th best-selling EV. In France, the best-selling electric vehicle, the Tesla Model Y, sold 37,124 units.
In Norway, VW has made significant price reduction to the ID3 in order to remain competitive in a nation where EVs account for 82% of sales, with Tesla accounting for 20% of those sales in 2023. Belgium and Sweden will also see updated cars and reduced pricing. In Belgium, the ID3 is now priced at €39,990, while the ID4 is priced at €39,649, and both are now eligible for a €5,000 electric vehicle bonus.
Meanwhile, Tesla will halt most of its EV production at Giga Berlin, which manufactures the Model Y for European markets, from January 29 to February 11 owing to battery supply from China being delayed due to the Red Sea shipping situation. Volvo has also redirected cargo and reported delays at its manufacturing in Ghent, Belgium.
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