MILAN – This city is well known as an international destination for luxury shopping, but recently it also became perhaps the cheapest place to buy a Tesla Model 3 in Europe.
Thanks to targeted price cuts by the EV maker and generous national and Lombardy regional incentives, the price of a Model 3 midsize sedan fell to 31,470 euros ($34,500), including VAT, registration and delivery fees.
That puts the Model 3, at least in Milan, at the same price as a low-end Volkswagen Golf compact with a gasoline engine.
Tesla’s recent deep price cuts across the world have helped it sell a lot of cars at a time when it is ramping up production capacity to more than 500,000 vehicles annually at its huge factories in Germany, China and Texas, with more planned. At the same time, facing competition from lower-priced Chinese-built EVs. CEO Elon Musk has said he wants to sell 20 million cars a year by 2030.
In Europe, the Model Y midsize crossover was the No. 1 seller overall in the first quarter, ahead of traditional leaders such as the Golf and small cars like the Peugeot 208.
According to trade group ACEA, Tesla’s overall sales in Europe grew by 58 percent in the first quarter in the EU30 area (European Union plus the U.K., Iceland, Switzerland and Norway), compared with an 18 percent increase in total car sales.