Tesla interest skyrocketed on Edmunds following the automaker’s decision to cut prices.
In early January, Tesla cut prices across its vehicle lineup by as much as $13,000 in a move that has evidently skyrocketed consumer interest.
With electric vehicles scaling back costs by over 5 percent last month on average, Tesla’s move to cut its prices considerably has resulted in an increase in research on the company’s electric vehicles, especially the Model Y.
Edmunds’ data shows on-site shopper consideration of Tesla pages more than doubled from 1.9 percent last week to 4 percent this week. While the Tesla Model 3 moved up from 47th to 11th on Edmunds’ most-searched vehicle list, the Model Y moved up a whopping 68 places from 70th to 2nd.
Analysts have been split on Tesla’s reasoning for the price cuts, with some under the impression that it was a move to spike demand. However, the reductions in price have helped the automaker reach a new addressable market, especially with the Model Y.
Data shows the Model Y Long Range All-Wheel-Drive’s price cuts, when combined with the IRA credit, helped quadruple the configuration’s addressable market.
Tesla’s wait times in the United States for the Model 3 and Model Y are also something Edmunds believes consumers should pay attention to.
“For those on wait lists for other electric vehicles with uncertain timelines for vehicle production and delivery, the Tesla price cuts should make you reconsider how much you really want that other vehicle compared to a well-known product with a steep discount from Tesla you can drive off the lot today,” Edmunds said.
The Model 3 has delivery times slotted for no later than February on either of its vehicle trims, while the Model Y has its Long Range trim delivery estimates for January to March. The Model Y Performance can also be delivered by February, according to the company’s online Design Studio.
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