More Price Cuts for Tesla’s Fearsome Foursome

Published on October 23, 2023 in Electric by Guillaume Rivard

Tesla has once again revised Canadian pricing for its entire lineup starting with the popular Model 3 compact sedan and Model Y compact SUV.

The former is down $1,000 across all trim levels. The base single-motor Model 3 Standard Range (438 km) now costs $53,990, while the dual-motor Model 3 Long Range (534 km) and Model 3 Performance (507 km) stand at $63,990 and $73,290, respectively. Only the last one is ineligible to the federal government’s $5,000 EV incentive.

This is likely an attempt by Tesla to drive sales before the refreshed 2024 Model 3 (which is already available overseas) goes on sale in Canada. The car features new bumpers, headlights and taillights, new wheels, an even bigger touchscreen, a quieter and more comfortable interior, higher-quality materials and improved infotainment and connectivity functions. Oh, and extra trunk space, too.

Photo: Louis-Philippe Dubé

When it comes to the Model Y, prices are now $2,000 lower. The base single-motor Model Y Standard Range (394 km) starts at $57,990. In dual-motor configuration, the Model Y Long Range (497 km) and Model Y Performance (459 km) carry a tag of $67,990 and $74,290, respectively. Again, only the last one fails to qualify for the federal government’s $5,000 EV rebate.

Back in July, Tesla CEO Elon Musk called the current economy “turbulent times” and hinted at more price cuts in the second half of 2023.

Photo: AFP

“We had to do something about that,” Musk said, referring to the increasing interest rates (Tesla’s are as high as 7.35 percent). “Buying a new car is a big decision for the vast majority of people, so any time there’s economic uncertainty, people generally pause on new-car buying at least to see what happens.”

What about the Model S and Model X? Tesla’s more expensive vehicles are the beneficiaries of the largest price cuts—anywhere from $18,000 to $26,000. The Model S Standard Range (515 km) that was added this summer has disappeared from the Canadian online configurator, but who cares: the dual-motor Model S (652 km) can now be had from just $99,990, which also means the federal luxury tax no longer applies. Meanwhile, the ludicrous Model S Plaid (637 km) has a new MSRP of $124,990.

The Model X crossover costs either $109,990 or $130,990 depending on the trim level.

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