Electric vehicle (EV) manufacturers have been introducing competitive models and attractive offers to challenge industry giant Tesla. Recently, several automakers have resorted to price reductions on their EVs to entice buyers away from Tesla, especially if their models do not qualify for the federal tax credit. As the market heats up, Stellantis aims to step in and fill the void created by General Motors’ discontinuation of the Bolt, with an affordable new Citroën e-C3 electric vehicle slated for an early 2024 release.
Shanghai-based Nio recently announced a $4,200 price reduction on all its models, despite not qualifying for the federal tax credit. Following suit, Korean automaker Hyundai started offering a $5,000 rebate on its Ioniq 6 SE and SEL models, making them more competitive in the market. Even Tesla joined the price reduction trend by increasing discounts on its new Model S and Model X vehicles in stock. However, Tesla’s Model 3 and Model Y still qualify for the tax credit, giving them an advantage.
