Tesla owners feel 'duped' after company slashes prices

Many Tesla owners are expressing frustration with the company after a surprise series of price cuts.

The electric automaker has reportedly cut prices on some models by nearly 20%, according to the Wall Street Journal. The move is seen as a way to grab new buyers at a time when Wall Street is concerned appetite for the vehicles is weakening.

The Tesla Inc. logo is seen on the grille of a Model X electric vehicle at the Moscow Tesla Club in Moscow, Russia, on Friday, July 20, 2018.  (Andrey Rudakov/Bloomberg via Getty Images / Getty Images)

The cuts are likely to allow some buyers to qualify for a $7,500 U.S. government tax credit.

Tesla owners vented about the unexpected price change in a report for Fortune.

"I feel like I got duped. I feel like a got taken advantage of as a consumer," Marianne Simmons, a Tesla owner who purchased her latest vehicle from the company in September, told the outlet. "Right off the bat, I’m out $13,306. It’s such a large reduction that it’s going to affect a lot of people who just bought a vehicle."

Tesla CEO Elon Musk smiles as he addresses guests at the Offshore Northern Seas 2022 (ONS) meeting in Stavanger, Norway, on Aug. 29, 2022. (Carina Johansen/Getty Images / Getty Images)

Elon Musk's car company slashed the price of its baseline Model Y crossover by almost 20% to $52,990. That puts the vehicle below a $55,000 cap, making it eligible for the tax incentive.

A 14% cut brings the price of a high-performance version of its Model 3 sedan to $53,990, also putting it under the cap. The Model 3 and Model Y are Tesla’s bestselling vehicles.

FILE PHOTO: The interior of a Tesla Model S is shown in autopilot mode in San Francisco, April 7, 2016.  (REUTERS/Alexandria Sage/File Photo / Reuters Photos)

"For any existing owner it’s a kick to the teeth," Tesla owner Ivan Drury told Fortune. "Anyone who bought a Tesla recently will feel an immediate impact wish they leased it."

Tesla delivered about 1.31 million vehicles last year, up roughly 40% from 2021, but short of the company's target of 50% or more. 

"I have solar scheduled to be installed soon. Really having a hard time giving Tesla any more of my money and can’t even look at the car this morning," Tesla Model Y owner Andrew Checketts told Fortune.