Tesla Model Y and Model 3 prices slashed by £7k

The Tesla Model Y and Tesla Model 3 have had their prices significantly reduced in the UK, with entry-level, rear-wheel drive versions of both cars now £7,000 and £5,500 cheaper respectively.

The Model Y was previously priced at £51,990 but Tesla has lowered this to £44,990, undercutting several rivals, including the VW ID.4, Ford Mustang Mach-E and Kia EV6.

Meanwhile the Long Range and Performance variants have fallen by £5k and £8k apiece to £52,990 and £59,990.

It’s a similar story for the Model 3: that cost from £48,490 just a matter of hours ago, but prices now start from £42,990. The rest of the line-up has also been readjusted, with Long Range and Performance models now pitched at £50,990 and £57,990.

The move is something of a surprise and - in typical Tesla fashion - was announced without warning, so there’s no telling how long this pricing structure will last. Tesla won’t even give Model S and Model X buyers a fixed price at the moment, saying only that ‘pricing and options will be finalised as delivery approaches’.

However it does follow a wave of discounting in the US - something CEO Elon Musk previously said should “never” be done on a new car - where credit of up to $7,500 was offered on orders.

The company’s stock has fallen dramatically in recent times, with poorer than expected results and Musk’s very public controversies in taking ownership of Twitter seemingly knocking market confidence.

What do we reckon, folks? Is a £43k Model 3 too good an offer to ignore?