The sudden reduction in the prices of Tesla cars in Australia has generated anger and concern among their owners.
Two years ago, the Model Y was selling for over $70,000, and the price dropped to around $69,000 a year later.
The Model Y, which is the top-selling electric vehicle from Tesla, is now significantly cheaper at around $60,000.
A man from the Sunshine Coast recently purchased a Model Y and was surprised to see that the same model two weeks later was only $5,000 less.
According to Ross Gerber, a finance executive, Tesla can no longer sell its cars due to the behavior of its CEO, Elon Musk.
He is the chief executive of Gerber Kawasaki, an investor in Tesla, and he blames Mr Musk for the company’s poor performance.
Tesla was able to sell over 386,000 vehicles during the first quarter of 2024, which made it the largest electric vehicle manufacturer in the world.
However, its sales numbers were significantly lower than Wall Street had expected. For instance, during the December quarter, Tesla’s sales were down 20 percent.
According to him, the decline in China’s electric vehicle sales can be attributed to the country’s reduced consumer spending.
In Australia, the lack of trade restrictions and the belief that the market is still untapped have seen several Chinese companies, such as BYD, increase their presence in the country.
The prices of used Tesla cars have also dropped as the demand for them has slowed down.
This is likely due to the fact that the used car market is starting to recover from the irrational highs it reached during the pandemic.
Prior to the pandemic, used Tesla cars were selling for more than new models due to the lengthy wait times.