Tesla owners feel 'duped' after company slashes prices

Electric car company slashed prices this week, possibly making Tesla vehicles eligible for new tax credits

Many Tesla owners are expressing frustration with the company after a surprise series of price cuts.

The electric automaker has reportedly cut prices on some models by nearly 20%, according to the Wall Street Journal. The move is seen as a way to grab new buyers at a time when Wall Street is concerned appetite for the vehicles is weakening.

TESLA CUTS PRICES ON MODELS SOLD IN THE US: REPORT

The Tesla Inc. logo

The Tesla Inc. logo is seen on the grille of a Model X electric vehicle at the Moscow Tesla Club in Moscow, Russia, on Friday, July 20, 2018.  (Andrey Rudakov/Bloomberg via Getty Images / Getty Images)

The cuts are likely to allow some buyers to qualify for a $7,500 U.S. government tax credit.

Tesla owners vented about the unexpected price change in a report for Fortune.

Ticker Security Last Change Change %
TSLA TESLA INC. 199.73 +0.33 +0.17%

"I feel like I got duped. I feel like a got taken advantage of as a consumer," Marianne Simmons, a Tesla owner who purchased her latest vehicle from the company in September, told the outlet. "Right off the bat, I’m out $13,306. It’s such a large reduction that it’s going to affect a lot of people who just bought a vehicle."

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Elon Musk speaks at meeting in Norway

Tesla CEO Elon Musk smiles as he addresses guests at the Offshore Northern Seas 2022 (ONS) meeting in Stavanger, Norway, on Aug. 29, 2022. (Carina Johansen/Getty Images / Getty Images)

Elon Musk's car company slashed the price of its baseline Model Y crossover by almost 20% to $52,990. That puts the vehicle below a $55,000 cap, making it eligible for the tax incentive.

A 14% cut brings the price of a high-performance version of its Model 3 sedan to $53,990, also putting it under the cap. The Model 3 and Model Y are Tesla’s bestselling vehicles.

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Tesla Model S

FILE PHOTO: The interior of a Tesla Model S is shown in autopilot mode in San Francisco, April 7, 2016.  (REUTERS/Alexandria Sage/File Photo / Reuters Photos)

"For any existing owner it’s a kick to the teeth," Tesla owner Ivan Drury told Fortune. "Anyone who bought a Tesla recently will feel an immediate impact wish they leased it."

Tesla delivered about 1.31 million vehicles last year, up roughly 40% from 2021, but short of the company's target of 50% or more. 

"I have solar scheduled to be installed soon. Really having a hard time giving Tesla any more of my money and can’t even look at the car this morning," Tesla Model Y owner Andrew Checketts told Fortune.

FOX Business's Ken Martin contributed to this report.