In a move that’s sure to excite European Tesla enthusiasts, the electric vehicle giant has just made a strategic price adjustment to one of its most coveted paint options. The Midnight Cherry Red, a distinctive and eye-catching color, can now be yours for €2,600 (USD$2,743) in Europe. This price reduction is significant, considering that it was previously set at €3,200 (USD$3,376).
This puts Midnight Cherry Red within closer reach of Tesla’s standard Red Multi-Coat paint option in the United States, which is priced at $2,000. A move aimed at making this unique color more accessible to European customers.
Exclusive Model Y for Europe
As it stands, this striking shade is exclusively offered for Tesla’s Model Y units in Europe and the Middle East. What makes this color even more interesting is the fact that it’s exclusively produced at Giga Berlin’s state-of-the-art paint shop, where only Model Y vehicles roll off the production line. Consequently, those with an affinity for the Model 3 will have to look elsewhere for their ideal color palette.
The demand for Tesla’s Giga Berlin Midnight Cherry Red has been palpable, reflecting in the estimated delivery dates displayed on Tesla’s official website. As of May, those who opted for this stunning hue were looking at delivery windows stretching from August to September 2023. Interestingly, delivery estimates for Model Y units in other paint options, such as Quicksilver, showed a much earlier timeline, with May to June 2023 being the norm. The paint options, it appears, haven’t influenced the delivery schedules for Model Ys in Europe, hinting at Tesla’s adeptness in meeting the demand for Midnight Cherry Red.
Surprisingly, Tesla’s Quicksilver paint option has now surpassed Midnight Cherry Red in price, coming in at €3,000 (USD$3,165). Both of these colors are exclusive to Giga Berlin’s paint facility. However, the growing popularity of Midnight Cherry Red has placed it in a position of dominance.
The charm of this particular color is multifaceted, with deep, luxurious red often being associated with wealth and status attracting the privileged populace . It also channels a classic vibe reminiscent of iconic European sports cars like the Ferrari F40 and Lamborghini Diablo, adding to its appeal. Furthermore, the sheer uniqueness of Midnight Cherry Red, a color scarcely found on other vehicles, adds to its desirability.
Tesla’s Ongoing Price Adjustments and What They Mean
Tesla’s decision to reduce the cost of its Midnight Cherry Red paint option isn’t an isolated event in the company’s pricing strategy. Tesla has been actively reducing prices across its vehicle lineup in both the United States and Europe.
In January 2023, the company dropped the price of the Model 3 Standard Range Plus by $1,000 in the United States. Simultaneously, the Model Y Long Range saw a reduction of $2,000. February 2023 witnessed a similar price cut, with the Model 3 and Model Y getting a 5% price reduction in Europe, along with a drop in the cost of the Full Self-Driving software package. In March, the trend continued as the Model S and Model X prices in the United States were slashed by up to $10,000.
Several factors likely contribute to Tesla’s price adjustment strategy. First and foremost is the mounting competition in the electric vehicle space. Rivals like Rivian, Lucid, and Volkswagen are giving Tesla a run for its money. In response, Tesla is making efforts to ensure its vehicles remain competitive.
Furthermore, Tesla’s vehicle deliveries experienced a slowdown in the first quarter of 2023, prompting the company to implement price cuts as a means to rekindle demand. Lastly, Tesla’s high production costs, primarily due to the elevated costs of lithium batteries and other materials, are being offset by these price adjustments.
