Tesla has announced a significant price reduction for its Model Y lineup in Canada, with cuts reaching $4,000 CAD (via @SawyerMerritt).
The adjustment brings the starting price of the Model Y Rear-Wheel Drive (RWD) to $53,990 CAD, down from $57,990 CAD. The Long Range version now starts at $63,990 CAD, previously $67,990 CAD, while the Performance model’s price remains unchanged at $74,290 CAD.
This price reduction becomes even more attractive when combined with available rebates. In Quebec, buyers can benefit from a $7,000 CAD rebate, and the federal iZEV rebate offers an additional $5,000 CAD off. This means the Model Y RWD could be purchased for as low as $41,990 CAD after applying both rebates.
The price adjustment has also resulted in the Model Y RWD and the Model 3 RWD reaching price parity, both now available for $53,990 CAD. Given the Model Y’s larger space and more comfortable ride, this price alignment significantly enhances the value proposition of the Model Y over the Model 3 for Canadian consumers.
The last time there was a Model Y price change in Canada was back in October of last year, when Tesla dropped pricing across RWD and both Long Range and Performance trims by $2,000 CAD. In less than four months, the Model Y RWD and Long Range have dropped $6,000 CAD.
During Tesla’s Q4 earnings report, the company said the Model Y was the world’s best-selling car in 2023.