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Elon Musk recently announced that Tesla would be reducing the prices of the Model Y by $1,000 until the end of the month. The price cut is being offered because people tend to be less inclined to buy cars during the winter months, according to Musk. This is not the first time Tesla has reduced prices in the past year due to lower demand for electric vehicles.

The discounted prices will only be available for the rear-wheel drive and long-range versions of the Model Y in the US. The discounted prices are $42,990 and $47,990, down from the original price, but do not include the “performance” version. However, this is only a temporary discount, as prices are set to go back up on March 1.

Tesla’s most popular model, the Model Y, accounted for a third of all electric vehicle sales in the US last year. But, Tesla is facing competition from other electric vehicle manufacturers, particularly from Chinese automaker BYD which recently overtook Tesla as the world’s top seller of electric vehicles.

To prepare for this challenge and potential slowdown in sales, Tesla is ramping up production of a more affordable mass-market electric vehicle code-named “Redwood”. This comes after Elon Musk warned investors about a difficult version of Tesla’s well-known “production hell.” With a push to make its cars cheaper and facing competitive threats 2022 is a pivotal year for Tesla.

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