SAN FRANCISCO – Tesla has doubled discounts on some already-made Model 3 electric cars and offered discounts on the Model Y and other vehicles in its US inventory to entice buyers amid economic uncertainty, rising competition and the upcoming redesign of its mainstay model.

In California, a Model 3 variant in inventory was priced at US$42,060 (S$56,900), a discount of US$2,680 to the price of newly ordered cars, according to its website. This is double the US$1,300 discount on Model 3 cars offered less than two weeks ago.

Tesla also resumed discounts on some Model Ys of nearly US$600 off each. Tesla offered steeper discounts of US$6,330 and US$5,000 on some higher-priced Model X and Model S vehicles respectively.

Facing economic headwinds, mounting competition and rising production, Tesla this year has aggressively cut vehicle prices in many countries and is resorting to the traditional automakers’ tactic of offering incentives to clear inventory, analysts said.

Tesla is preparing to launch a revamped version of its Model 3 in the United States this year and has started shipping some of its Model Ys with new hardware for its Autopilot partially automated driving system.

Tesla chief executive Elon Musk told shareholders in May that the company would try advertising for the first time, in a move seen by analysts to drum up demand. Mr Musk also warned that Tesla was not immune to the global economy, which he said would be difficult for the next 12 months. REUTERS