Tesla Model Y cheaper than ever! Top selling electric car slashed up to $8500; could it outsell the Ford Ranger?

The competition is getting hotter in the electric SUV segment as Tesla slashes up to $8500 off the price off its Model Y, raising questions as to whether the groundbreaking EV could beat the Ford Ranger to the top of the sales charts in Australia.

Weeks after Toyota and Subaru unleashed their first EVs – and Volkswagen and Skoda are gearing up to follow suit within months – the Tesla Model Y is now cheaper than it’s ever been following a price cut across all three models.

The entry-level Model Y Rear-Wheel Drive now sells from $63,900 plus on-road costs, representing a $1500 discount on the outgoing model. The price cut comes after previous price cuts to make the Model Y cheaper than it’s ever been.

The unexpected price drop also piles more pressure on the incoming Kia EV5, which has vowed to undercut the Tesla Model Y on pricing.

It also has some industry pundits questioning whether the Model Y could become the first EV to top the local sales charts, even outselling the Ford Ranger.

Reckon that sounds too far-fetched? The March 2024 sales figures show the Model Y outsold the Toyota Hilux, which was the top seller for seven consecutive years until 2023.

More remarkable is the price cuts haven’t been accompanied by cheeky de-contenting, with no changes to standard equipment, although the new hues – Quicksilver (light grey, $2600), Stealth Grey (dark grey, $2300) and Ultra red (replacing Multicoat red, also $2600) aren’t cheap.

There’s no explanation for the price cuts but it’s thought the arrival of the Toyota bZ4X, Subaru Solterra, Ford Mustang Mach-E and the soon-to-arrive Kia EV5 prompted Tesla’s to protect its patch at the top of the EV sales charts.

Competition is clearly heating up and it seems Tesla wants to maintain the momentum that has seen the Model Y blitz local sales records.

Exerting yet more pressure at the top end of the class will be the inbound Polestar 4, although the Sino-Swedish newcomer won’t be anywhere near as cheap with the most affordable version priced from $81,500 plus on-road costs.

Both power and range also remain identical before the price cuts with the Model Y RWD capable of a 0-100km/h dash in 6.9 seconds and a 455km (WLTP) range, the Long Range able to sprint from 0-100km/h in 5.0 seconds while covering up to 533km on a single charge. At the top of the Model Y tree, the fastest Performance can still hit 100km/h from rest in 3.7 seconds and drive up to 514km.

It’s thought the big price drop for the Tesla Model Y could pave the way for the introduction of the facelifted Tesla Model 3 Performance – due within weeks – that is expected to bring a significant increase in power and acceleration compared to the outgoing car.

Later this year the Tesla Model Y is expected to undergo a significant facelift – codenamed Project Juniper – that could will bring in many of the recently-arrived Model 3 updates. That could also see prices rise.