July 21, 2024

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Tesla stock is down as rebates, tax credits, and referrals seem to be working

Tesla stock is down as rebates, tax credits, and referrals seem to be working

Tesla’s new inventory vehicles are dropping after rising earlier this year as recent discounts and new tax credits and referrals seem to be working.

High interest rates and inflation reduced the car market for new car subscribers and made the car market more competitive.

To compete, Tesla lowered prices on new orders throughout the year.

Recently, the automaker stopped lowering prices on new orders, but it offered additional discounts on new stock vehicles and launched a new referral program last month.

In April, Tesla set a new record for new inventory cars in the United States.

Since then, Tesla has offered an additional discount on some new stock vehicles and increased referral prizes.

Incentives to buy seem to work as new inventory data tracked through Matt Jung It shows that Tesla’s new inventory cars in the US are down from highs:

This represents a decrease of nearly 20% in just a few weeks. Furthermore, Tesla inventory generally rises in the US around this time in the quarter as US production moves to produce vehicles for the domestic market.

Here’s new Tesla inventory for each model:

During a recent inventory surge, the Model X was surprisingly the problem, but the luxury SUV’s inventory has fallen precipitously.

Inventory for the Model S and Model Y remained stable, which is especially surprising for the Model Y, considering the impressive production capacity Tesla has for electric SUVs in the US.

The Model 3 appears to be the problem now, which explains why Tesla is increasing the discount on new Model 3 inventory.

Take Electric

I expect the Model 3 won’t be an issue for long with the news that the base version so far gets a full $7,500 tax credit.

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It makes the car ridiculously cheap and is probably a good enough deal to make people forget that a new version is coming soon.

On a more anecdotal basis, an impressive number of people have reached out to me in the past few weeks about buying a new Tesla. The discount and referral program seems to be working well.

If you’re considering buying a Tesla and have questions or would like a referral code/link, you can reach out to me at [email protected].

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