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.
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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.
"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'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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"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.