Tesla, Peugeot and BYD slash EV prices

The price drops come as the latest figures from Vfacts show a distinct dip in EV sales for April compared with the same time in 2023. 

They include prices for both the Model Y electric SUV and Model 3 electric sedan from Tesla, the e-2008 electric SUV from Peugeot, and the Atto 3 electric SUV from BYD.

In April, Tesla rolled out not one, but two price drops to the Tesla Model 3 electric sedan and Tesla Model Y electric SUV.

The price drops came as Tesla added the Model 3 Performance to its Australian website, at an all-time low price of $80,900, missing from the Australian market since the introduction of the 2024 “Highland” refreshed Model 3 last September.

For the Tesla Model 3 (pictured below), the price adjustments were as follows:

• The Model 3 Rear-Wheel Drive (RWD) variant now starts at $58,900, reflecting an 8% decrease from its previous price.
• The Model 3 Long Range AWD version was reduced by $1000 in early April to $70,900 and has now been reduced to $67,900, a 4% drop.

Meanwhile, the Tesla Model Y (pictured at top of page) variants saw these adjustments:

• The Model Y RWD now starts at a historic low of $60,900, down by 7%. This was after a price drop from $65,400 to $63,900 earlier in the month.
• The Model Y Long Range AWD variant is now priced at $68,500, a 6% decrease from its previous price, when it fell from $78,400 to $72,900. In total, it’s almost $10,000 off its pre-April pricing.
• The Model Y Performance variant has dropped to $75,900, reflecting a 5% reduction. This was the second price drop after a fall from $91,400 to $82,900 earlier in the month. 

BYD Automotive also announced a significant price reduction for its BYD Atto 3 Extended Range (shown below at left.) As-new demos are now available with drive-away price from $45,990, down from the previous $51,011 before on-roads, marking an $8,000 reduction.

It's worth noting that these vehicles are part of the "Attovation Demonstrator Event," involving pre-registered MY23 models, so they might not include a full year's registration or the full warranty.

According to the company’s website, buyers “must purchase an in-stock MY23 BYD ATTO 3 demonstrator vehicle, for personal use (defined as use that is not intended for government, rental, or fleet purposes)” and the vehicle must be delivered by May 31, 2024.

In a similar vein, Peugeot has drastically reduced the price of its e-2008 electric SUV (shown above at right) in Australia. The price of the Peugeot e-2008 has been slashed by a staggering $25,000, bringing the price down to just $39,990 before on-roads, enhancing its appeal in the competitive electric vehicle market.

The price drops follow on from campaigns introduced earlier in the year by MG where it has implemented MG4 and MG ZS EV driveaway pricing, and by GWM where it cut its Ora electric hatchback price.

The falling electric car prices highlight a broader industry trend towards more competitively priced electric vehicles as manufacturers strive to navigate the challenges of an increasingly competitive market. Over time, we can expect the maturing market to see further decreases in EV battery manufacturing costs, bringing with it even cheaper EVs.

All prices are before on-road costs unless otherwise stated.