Tesla is facing a challenging time in the US market as demand for its vehicles is dwindling, leading the company to introduce a series of new discounts and incentives to stimulate sales. The electric car manufacturer has extended its $1,000 discount program for US military personnel to include students, teachers, first-responders, military veterans, retirees, active-duty members, their spouses, and surviving spouses. This discount applies to Tesla’s entire lineup of new vehicles.
In addition to this, Tesla has rolled out a new incentive for Lyft drivers, offering them $1,000 in Tesla credits upon taking delivery of a new vehicle and an additional $1,000 incentive from Lyft if they complete 100 trips by a specified date. The company is also reaching out to Cybertruck reservation holders, reminding them that they have until a certain date to take advantage of lower prices for the Full Self-Driving package.
To further entice customers, Tesla is offering 0% financing on Model 3 and 1.99% financing on Model Y. These aggressive incentives indicate that the company is facing significant demand challenges in the US market. Despite blaming lower-than-expected global sales on the production changeover of the Model Y, Tesla is struggling to sell the updated model, with no backlog of orders and vehicles piling up in inventory.
Recent reports suggest that Tesla employees have expressed concerns about the brand’s image and demand issues, with thousands of unsold Model Ys sitting on lots in the US. This, coupled with the end-of-quarter level incentives being offered halfway through the quarter, paints a concerning picture for Tesla’s sales performance. In Europe and China, where sales are also struggling, the company is offering similar financing deals to boost demand.
Overall, Tesla’s efforts to stimulate sales through discounts and incentives reflect the challenges it is facing in various markets. The company’s ability to address these demand issues and regain momentum will be crucial for its future success.
