Tesla just kicked off the 6th price change of 2024 on the heals of the recent world wide layoffs. Although not entirely surprising to see this price change come in after a major restructuring, it was surprising to see that Tesla was also ending their referral program.

This price change has impacted most Tesla Models including the Model Y, Model X and Model S. The Model 3 was not impacted, which is no surprise given its refresh just recently started shipping in the US. That said, the first refresh Model 3 delivery with white interior was just confirmed today meaning that the delay on white interior seems to be finally over.

The price change this time around was a decrease. On the Model Y lineup, we saw an even $2,000 reduction on RWD, LR AWD and Performance models of the Model Y. The change isn't all that significant when considering the Model Y is now right back to prices at the beginning of the year before Tesla publicly stated that they would be increasing prices on the Model Y by $1,000 after both February and March. So we have a net even price from just 2 months ago on Model Y.

Model S and Model X saw the same $2,000 price reduction on both Dual Motor All Wheel Drive and Plaid trims. This now means that the base Model X can afford up to $2k in options and still qualify for the EV tax credit. You can add any color except ultra red, or any interior, or add a Yoke steering wheel and still be under the $80k MSRP cap and still qualify for the tax credit, assuming you personally qualify.

Lastly, Tesla has officially announced the end of the referral program. This is the second time in the last few years that Tesla has all together ended their referral program. Last time Tesla removed the referral program, it was gone for about 2 years before coming back with new credits style referrals that could be redeemed for accessories, upgrade and experiences.

With the restructuring that just occurred at Tesla, none of this is overly surprising. When there is a major shift internally, it is usually followed by some changes in product offerings, and this time it also included an incentive program for referrals.

Tesla removed all discounts on existing inventory this month, except for Demo models, and this seems to be in preparation for these new prices we are seeing today. Although we have new lower prices, without those inventory discounts, the actual price for taking delivery is higher than it was just a month ago in the end. I believe we will see discounts on inventory once again come the end of the quarter and hopefully a refresh Model 3 Ludacris or Performance start delivering to customers.


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