Tesla's (TSLA) Model Y is sold out for the quarter in U.S.
A story by electrek.co late Wednesday reports that electric vehicle giant Tesla (NASDAQ: TSLA) has sold out the Model Y for the quarter in the United States with no more production builds until April.
Significant price drops, coupled with a new $7,500 federal EV tax credit, have seen orders surge for Tesla in the United States. However, electrek, citing sources familiar with the matter, reports that Tesla has completely run out of production build slots for the quarter for Model Y, which is now Tesla’s highest-volume model.
Chief Executive Officer Elon Musk had then said that vehicle orders were roughly double the company's output in January after the first round of price cuts and Tesla's aggressive price cuts have ignited demand for its electric vehicles.
The automaker has updated its estimated timeline on the Model Y to “Est. Delivery: Apr – Jun 2023,” which is after having increased the price of the base Model Y back up $1,500 after reducing it by $13,000 early last month.
The company is still offering their Model 3. However, it is suspected that they may have a hard time selling Model 3 vehicles right now because of the impending refresh that is expected to come soon.
Last month, Tesla also pushed back the expected delivery of its basic Model Y to customers in Germany to February-March.
Shares of TSLA are down 1.75% in pre-market trading on Thursday.
By Michael Elkins | [email protected]