Tesla is cutting lease prices in the UK by nearly half as the electric carmaker struggles with falling sales, The Times reports.
Industry insiders say Tesla has been forced to offer steep discounts—up to 40%—to leasing companies in order to move unsold cars. A shortage of storage space for vehicles in the UK is also adding pressure to shift inventory quickly.
The move comes after Tesla’s UK sales plunged 60% in July, with just 987 cars sold, according to figures from the Society of Motor Manufacturers and Traders (SMMT). By comparison, overall new car registrations in Britain dipped only 5% year-on-year.
Tesla has not commented on the report, and Reuters has not yet confirmed the details.
Despite the sales slump, electric vehicles continue to gain market share. The SMMT now expects battery-powered cars to make up 23.8% of all new UK registrations in 2025, a slight increase from its previous forecast of 23.5%. Photo by M 93, Wikimedia commons.