Tesla price cuts crank-up used values pressure and trigger 'ill-feeling' among customers

Tesla has triggered "ill-feeling" among customers and cranked-up pressure on residual values with the decision to slash its electric vehicle (EV) prices across the US and Europe.

On the back of a bumper December which saw Elon Musk’s EV brand register almost a third of its 2022 volume in just one month, the Californian carmaker is looking to boost demand with sweeping cuts to the list price of its vehicles.

Under the new pricing structure a Model 3’s starting price falls around 16% from £51,090 to £42,990 while the flagship gullwing door Model Y Performance variant falls almost 12% from £67,990 to £59,990.