Tesla stocks climbed by almost 6% during early trading Monday despite the electric vehicle maker’s decision to cut its prices on Friday. This decision led to demonstrations by Tesla owners.
Protests erupted across Tesla showrooms in China, where vehicle owners demanded rebates and credits for purchases made right before the price cut. This marks the second time in the past three months that the electric vehicle maker has decided to slash its prices.
Locally-manufactured Model 3 underwent a 13.5% price cut, while Model Y’s price tag was reduced by 10%. As a result, the new retail prices of the Model 3 and Model Y are $33,515 and $37,899.
In an effort to take advantage of government subsidies for EV purchases that were soon to expire, a slew of consumers purchased Tesla vehicles just before the end of 2022. As a result, many Tesla owners complained that they had overpaid for their vehicles.
Following the decision to reduce prices, the Tesla website now shows that waiting times for deliveries of the Model Y have been extended by a week. While the performance edition of the Model Y and all Model 3s still have a waiting period of one to four weeks, the Model Y’s waiting time is now two to five weeks.