Tesla offers discounts in Canada/Mexico, raising demand concerns
Tesla is now offering a $5,000 CAD/$74,750 MXN credit on Model 3 and Model Y vehicles purchased in Canada and Mexico before the end of this year. It’s a rare instance of Tesla offering discounts, and could be a sign of softening demand in North America.
The move comes just after Tesla increased the year-end discount to $7,500 in the neighboring US.
Tesla refers to the discount as a “credit” on their site, though the accompanying “Learn More” link merely describes the specifics of the recently announced supercharger credit, available since December 15, and omits any specifics about the credit:
Tesla is offering free Supercharging credits* — up to 10,000 kilometers of driving—for customers who take delivery of a new Tesla vehicle between December 15 and December 31, 2022. Free Supercharging will be credited to your Tesla Account in the month of January 2023 and will remain valid for a period of two years from your delivery date.
But inventory car prices do not show this credit as being applied already, as seen in the screenshot below:
The middle car, at $59,990 CAD, shows the same price as a custom-order configured car with the same base model specs. So inventory cars can expect an additional $5,000 CAD discount beyond the listed pricing on the website, but we don’t know exactly how that “credit” will be applied. You’ll have to ask your Tesla salesperson for the specifics.
The Canadian and Mexican discounts are almost identical to Wednesday’s additional US discount. Both convert to roughly $3,750 USD, which is the amount Tesla raised the US discount by.
In the US, this discount was largely thought of as a response to changing EV tax incentives. It had previously been expected that Teslas would qualify for $3,750 in EV tax credits next year due to the Inflation Reduction Act, but the Treasury announced Monday that they are delaying new rules, which means Teslas will now qualify for $7,500 in tax credits at least until some time in March. As a result, buyers might delay purchase for a few weeks to get new tax credits, so if Tesla wants to sell cars now, it makes sense to offer a temporary discount.
But Canada and Mexico do not have a similar tax credit change coming at the start of the year, so the discount in those territories must not be associated with that. Which means this could be a signal that Tesla sees a less-crowded order book than usual in this holiday season, and needs to spur interest by dangling a rare carrot in front of buyers.
Tesla often has end-of-quarter and end-of-year pushes for deliveries, shifting employee focus to delivering cars for the last few weeks of a quarter in order to finish out strong with high numbers. The company has stated for years that they would like to stop doing end-of-quarter delivery pushes, but that effort never really materialized and the company continues the practice basically every quarter.
These pushes usually materialize in the form of an all-hands motivational e-mail (with gratuitous use of the word “hardcore”) from CEO Musk, but he’s a little distracted from Tesla at the moment. Tesla also occasionally offers perks like free supercharging to get customers in the door at the end of the year. But now, we’re seeing a rare instance of Tesla offering discounts on their vehicles to motivate buyers to come in.
Tesla vehicles have received several price increases over the last year, likely due to increased supply chain costs and generally soaring EV demand overall. With EV supply being lower than demand, prices of many EVs have gone up.
But the auto market is finally starting to stabilize in the last few months, with new and used car prices starting to flatten out from their previous upward trend.
So this new discount doesn’t make up for this year’s price increases, but at least it’s a reversal of the recent trajectory of Tesla prices. That said, it is only temporary – or maybe it’s a sign that Tesla’s price increases have gotten a little overzealous and the company may need to correct in the opposite direction as a result of softening demand in North America.
Electrek’s Take
As Fred mentioned in his Take for Tesla’s original $3,750 US discount, Tesla has never really had trouble with demand, and has never needed to offer discounts as a result. He mentioned that his sign for waning Tesla demand would be when Tesla starts offering discounts.
The US discounts seem like a response to tax credit changes, and could be explained away thusly.
But this discount can’t be explained away as a response to changing government incentives. It doesn’t apply to Europe or Asia, only to North American cars, which incidentally are all produced in the same North American factories. It seems likely that Tesla may have too much NA inventory and wants to get some of it off their hands, and turned into cash, before it shows up on balance sheets at the end of the fiscal year.
Or maybe Tesla wanted to align pricing across territories – but if so, then why no discount in Europe, and why only $3,750 USD (equivalent) and not $7,500?
The move also comes amid falling popularity for the brand due to CEO Elon Musk’s recent shenanigans.
This could be a sign that Tesla demand, which has consistently risen at incredible rates for so many years, might at least be rising less quickly than it previously has.
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Costco members looking for a break on car prices can tap into a new Volvo deal this fall. Members can tap into limited-time manufacturer incentives through the Costco Auto Program, a year-round auto-buying service that secures prearranged low pricing. The latest: a Certified by Volvo Limited-Time Special launched this week.
Certified by Volvo vehicles are pre-owned Volvos that must pass a rigorous test with 170+ points, have less than 80,000 miles, and receive a detailed CARFAX Vehicle History Report. They come with roadside assistance, and EVs and plug-in hybrids also include an 8-year/100,000-mile battery warranty.
Until October 31, 2025, eligible Costco members can score an exclusive bonus when buying select Certified by Volvo vehicles from model years 2022 through 2025.5. Gold Star and Business Members get $1,000 off, and Executive Members get $1,250 off. The offer applies to hybrids, plug-in hybrids, and BEVs. What makes this deal sweet is that the Costco perk stacks with any other manufacturer incentives you qualify for.
Among the vehicles on the eligible list: The Volvo EX30, the EX90, the XC90*, the most requested premium midsize SUV among Costco members last year, and the Volvo C40 EV, which also topped requests in the premium electric compact SUV category.
To cash in on the offer, Costco members must register online for a certificate, then bring it to a Volvo dealership where they present it at the time of purchase. Full details are on the Certified by Volvo Limited-Time Special page.
*CarsDirect links are trusted affiliate links
The 30% federal solar tax credit is ending this year. If you’ve ever considered going solar, now’s the time to act. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
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The GV90 is set to arrive as the most luxurious Genesis vehicle to date. With its debut approaching, Genesis is showcasing the ultra-luxe SUV at its new flagship brand space.
Genesis opens new brand space based on the GV90
Although it’s not yet in production form, Genesis is still showcasing its stunning new full-size electric SUV. The Neolun concept, unveiled last March at the New York Auto Show, will soon arrive as the brand’s new flagship model.
When Genesis launches the GV90, expected in mid-2026, it will become the brand’s largest and most luxurious electric vehicle yet.
According to Genesis, the GV90 is “an ultra-luxe, state-of-the-art SUV” that will take the luxury brand to the next level. We’ve seen camouflaged prototypes out testing a few times, revealing advanced new features and luxury design elements, such as coach doors, adaptive air suspension, and more.
The GV90, or Neolun concept (for now, at least), is the centerpiece of the company’s new “Night in Motion” space, which Genesis opened on Thursday.
Based on the Neolun concept, the new exhibition is “the starting point of the Genesis brand’s spatial philosophy.” It’s designed to showcase the brand’s latest design and the beauty of Korean aesthetics.
Genesis is expected to launch the GV90 in mid-2026, but we could see an official debut before the end of the year.
We will learn prices, range, and other specs soon, but the GV90 is expected to debut on Hyundai’s new eM platform. Hyundai claimed the new platform will “provide 50% improvement in driving range” compared to current EVs. It will also offer advanced Level 3 autonomous driving features.
One thing is sure: The Genesis GV90 won’t be cheap. As its largest and most luxurious SUV, the GV90 is expected to start at around $100,000. Higher trim levels could reach upwards of $120,000 or more.
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Ampion Renewable Energy has introduced a new way to expand community solar access – one that breaks barriers by crossing state lines.
The company just launched Synthetic Community Solar, a tool that lets developers extend the financial benefits of solar projects to subscribers in other states. That’s a big shift from the usual model, where subscribers need to live in the same utility territory as the solar farm. This new approach also helps low-income households save more on energy bills while giving developers a faster route to federal tax incentives.
Here’s how it works: When a solar farm is built in one state, Ampion works with utilities to transfer the financial benefits through solar credits to income-qualified households in another state. For example, a 2.5 MW project in Maine already provides Illinois subscribers with up to 20% savings on their electricity bills.
For developers, the timing is critical. The Inflation Reduction Act gives bonus tax credits, known as Category 4 Investment Tax Credits (ITCs), to projects that deliver at least half of the financial benefits to low-income households. Synthetic Community Solar makes it easier to meet those requirements, which in turn improves project economics and long-term site viability.
This model is especially useful when a project is in an area where recruiting low-income subscribers is expensive or challenging. Instead of letting credits go unused, developers can cross state lines, making the project more financially sustainable while supporting households that need savings the most.
Ampion’s CEO and founder, Nate Owen, said the goal is to solve a geographic barrier that has historically limited community solar growth. By bridging programs across different states, the initiative supports the company’s aim to make renewable energy accessible “everywhere, for everyone.”
With the IRA’s major incentives set to expire, solutions like Synthetic Community Solar could help keep projects viable while spreading the financial benefits of clean energy further.
Read more: Nexamp found a faster way to build solar – it did the utility’s job, too
The 30% federal solar tax credit is ending this year. If you’ve ever considered going solar, now’s the time to act. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
FTC: We use income earning auto affiliate links. More.
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