Tesla Inc. (NASDAQ:TSLA) is offering $0 down leases on used EVs in its inventory amid poor sales figures across multiple markets.
$0 Down On Model Y And Model 3
The EV giant is offering $0 down on leases up to an annual 15,000 miles on used Model 3 and Model Y vehicles listed on the Tesla website, first reported by Electrek on Wednesday.
The lease is only available for California and Texas, with the company offering leases up to 24 months on both vehicles. While there isn't a down payment, Tesla will charge an acquisition fee of $695 during signing, alongside the first monthly payment, as well as taxes, registration and other fees.
Source: Tesla
Dwindling Sales, Tesla's Lawsuits
The news comes amid Tesla's lackluster sales, which have been on the decline for some time. Tesla registered a 60% drop in its UK sales for July, while it recorded a steep 88% drop in deliveries in Sweden, signaling worsening sales woes for Elon Musk's EV giant.
Tesla also faces multiple lawsuits over its FSD technology — filed as a class action lawsuit by customers in California over misleading FSD claims. The company's Robotaxi also faces legal challenges with investors suing Tesla over the autonomous cab's safety concerns.
Model Y L Not Coming To The U.S., Elon Musk's Pay Package Row
Meanwhile, Musk has hinted at the possibility that the Model Y L, a 6-seater variant of the Model Y SUV, currently on sale in China, might not be coming to the U.S., drawing mixed reactions from Tesla's fans.
At the same time, a group of Tesla investors voiced "serious concerns" about Musk's new $29 billion pay package and have demanded a NASDAQ probe into the compensation award, which includes Musk getting 96 million shares of the company.
Tesla scores well on Momentum and Growth metrics, while offering satisfactory Quality, but poor Value. For more such insights, sign up for Benzinga Edge Stock Rankings today!
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