Tesla Slashes Prices on Model 3, Model Y EVs for Japan Market

Tesla Inc. has announced price cuts for its Model 3 and Model Y electric vehicles (EVs) in Japan, with reductions of three and four percent, respectively. These price revisions aim to make the EVs more affordable for Japanese consumers, coming two months after the company had previously raised prices on these models.

Tesla lowered its prices by a single-digit percentage, and this will be applied starting this month. The company made the announcement for the reduced price scheme in Japan this week.

As per Reuters, the company will implement a three percent discount on its Model 3 EVs while its Model Y versions will have a higher price cut which is about four percent. The price cut on the Model 3 made the car more affordable for Japanese customers, especially when different subsidies were applied to the purchase.

It was reported that Tesla lowered the prices two months after it put a higher price tag on the said EV models in the country. After the implementation of the new prices, Model 3 will now be available for just 5,245,600 yen or about $36,362, while Model Y now costs just 5,637,000 yen.

Customers must take note that other models of Tesla’s EV range remain the same such as its Model S and Model X, as per Investor’s Daily Business. In any case, the company just started accepting orders from Japanese buyers of Model X in May.

With Tesla’s production still running a bit ahead of the scheduled deliveries, some business analysts predicted possible additional price cuts for the EVs. The total production was said to have hit 479,700, slightly topping the deliveries. Meanwhile, the automaker’s stock price slightly increased on Wednesday’s stock market action after the shares closed at a 9-month high earlier this week.

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