Real story behind huge Tesla ‘car GRAVEYARD’ as shocking images show sea of new EVs left abandoned & gathering dust
- by The Sun
- Oct 18, 2024
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However, the rise in competition from new brands has prompted Tesla to reduce its prices.
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The price of a Model Y Tesla electric SUV dropped from £35,648 in 2023 to £28,754 this year, marking a substantial reduction of £6,894.
Peter revealed that price cuts are "very strategic" as EV brands aim to sell particular models.
Despite Tesla's price reductions, the company is currently facing strong competition from BYD - a Chinese manufacturer.
The Chinese EV automaker similarly slashed the prices of its vehicles with the Atto 3 SUV reduced by more than £1,800.
Tesla is trying to find a way to sell in this market
Chris Jones, national president of the Australian Electric Vehicle Association
Other companies which are cutting the prices of their electric motors include MG, Renault, Peugeot, and Lotus.
However, most notably, GWM introduced a permanent £2,000 price cut for its Ora, making it the cheapest EV in Australia.
Chris Jones, national president of the Australian Electric Vehicle Association, claimed that the discounted prices will ultimately benefit electric car users searching for their next vehicle.
He added that the price wars are leading to more affordable EVs as more Chinese brands enter the market.
A whopping ten vehicle brands from China have confirmed plans to launch cars in Australia in the coming months.
As a result, Chris believes Tesla will have to do more if they want to compete with the cheaper models.
"Tesla is trying to find a way to sell in this market and they're going to have to come up with a lower-price, lower-spec vehicle that competes at the lower-end," he added.
Hussein Dia, a professor of future urban mobility at Swinburne University, revealed that the Chinese auto industry will increasingly target Australian motorists following the European Union's announcement of higher tariffs on their vehicles.
He added: "What we've seen from China is the small to medium EVs, which is what a lot of people want to buy."
The Sun has contacted Tesla for comment.
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