Tesla Inc. is tackling an inventory challenge, with satellite images revealing an excess of unsold Model Y cars in Austin, Texas. In response to this buildup, the electric vehicle giant is offering a 6,000 Euro discount on the Model Y in Germany, applicable to all variants until June 30, 2024. Despite this move, Tesla’s European factory in Grünheide, Germany, has announced production pauses due to necessary improvements, while sales in the country have seen a 12% drop in the first quarter. CEO Elon Musk has confirmed that there will be no updated Model Y launched in 2024, as the company focuses on continuously improving its existing models. Musk’s compensation package, struck down by a Delaware court, is up for a shareholder vote, with Tesla banking on small investors for support. The outcome could lead to a significant move from Delaware to Texas and influence Tesla’s future in AI and related technologies. Meanwhile, General Motors is partnering with Costco to offer discounts on Chevrolet Equinox, Chevrolet Blazer, and Cadillac Lyriq electric vehicles, aiming to capitalize on Costco’s vast membership base. Hyundai and Kia are also closing the gap with Tesla in the US EV market, with Hyundai boasting six of the top ten most fuel-efficient EVs. As Tesla navigates these challenges, Mullen Automotive has announced a partnership with Eco Auto to manage sales of its commercial EV range in New England.
Key points
- Tesla offers a 6,000 Euro discount on Model Y vehicles in Germany to clear unsold stock.
- General Motors partners with Costco to sell electric vehicles, leveraging the retailer’s large membership.
- Hyundai and Kia increase their US EV market share, challenging Tesla’s dominance.
- Tesla faces shareholder vote on Elon Musk’s pay package and potential relocation to Texas.
