In an effort to increase customer demand, Tesla has slashed the price of some of its most well-liked electric vehicles by thousands of pounds in both Europe and the US.
In the UK, price reductions range from 10% to 13%, but on select US models they might reach 20%.
On a base Model 3 and the least expensive Model Y, new UK purchasers will save £5,500 and £7,000, respectively.
Nevertheless, more than 16,000 consumers purchased those top-selling models the previous year, and some of them complained that they had overpaid.
On a Facebook page for Tesla owners, one user wrote: “I just picked up the car yesterday. What should I do? Go to Tesla and give back the car? I can’t believe after a few hours from picking up the car I lost £5k”.
Customers in China, where Tesla announced price reductions last week, responded similarly.
Disgruntled owners staged protests over the weekend outside Tesla distribution centres in Shanghai and other cities, demanding compensation.
Tesla’s pricing in China have dropped twice in the past six months, and are currently 13% to 24% below September levels.
Tesla announced that customers who had ordered but not yet received their vehicle will be charged in an effort to avoid similar objections in the US and Europe.
Electric car demand has been steadily increasing as a result of growing gasoline prices and consumer worries about climate change.
Nearly one-fifth of new car sales in the UK last year were electric models.
However, CEO Elon Musk admitted last year that new Tesla costs had risen to a “embarrassingly high” level and might reduce demand.
Tesla deliveries increased 40% globally in 2022, although that was less than the market anticipated.
The company’s share price was severely damaged by that, falling more than 65% for the entire year, its worst year since going public in 2010.
The sharp decline in the share price severely hurt Mr. Musk’s money and caused him to lose his title as the richest man in the world.