- The Times reports that a lack of storage has led to discounts
- UK customers can lease a Tesla for 40% less than last year
- In the US, Tesla is offering enticing bundles to help boost sales
Tesla has slashed the monthly leasing cost of its vehicles in the UK in a bid to boost sales and clear excess inventory, The Times has reported, with discounts of up to 40% offered to car leasing firms to help shift stock – while the EV giant is also offering new deals in the US to boost sales.
The hefty UK discounts apply to both the recently refreshed Model 3 and Model Y vehicles, with The Times claiming the former can be leased for £252 a month plus tax, or around $410 / AU$630. Rewind a year and the exact same lease could cost between £600 and £700 per month.
Although the £60,000 Model Y hasn’t had its retail price reduced, it has been advertised for around £400 (around $540 / AU$830) per month on some of Tesla’s trusted leasing partner sites.
In the US, the company has attempted to shake up its pricing strategy and position its aging Model S and Model X vehicles as more premium propositions by making a new $10,000 ‘Luxe Package’ standard across the range.
This sees the Model S now starting at $94,990 and the Model X costing an eye-watering $99,990, but the package bundles in high levels of autonomous driving via Full Self-Driving (Supervised), Premium Connectivity and a four-year ‘Premium Service’ that covers routine maintenance costs.
It also sees the return of free Supercharging, which has been dangled as an incentive numerous times over the past few years but no longer lasts the lifetime of the vehicle.
Tesla is losing control of the EV market
According to the most recent data from the Society of Motor Manufacturers and Traders (SMMT), Tesla’s sales in the UK dropped by 60% in the UK in July, pushing its overall market share to just 0.7%.
BYD, on the other hand, accounted for 2.3% of all new registrations during the same period, with the Chinese company piling on the pressure in numerous other European markets.
Tesla makes it difficult to work out exactly how well Model S and Model X are doing in the US, with its quarterly delivery reports accounting for Model 3 and Model Y sales, with everything else bundled into an ‘other models’ category that includes the Cybertruck and its Semi.
But it appears overall sales are struggling, with Electrek estimating that the company was down by around 15% in the first quarter of this year compared to the same period in 2024.
With BYD increasing its foothold in Europe, and an increasing number of Chinese rivals seemingly springing up monthly, Tesla is facing the toughest competition yet.
It’s not a great time to be a Tesla shareholder, but the big discounts are good news for anyone considering leasing a Tesla.
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