Tesla Price Cut Drives Strong Increase In Web Traffic

Tesla cut prices in the U.S. on Jan. 13, 2023. Since then, traffic to its website has spiked.

On January 13, Tesla announced across-the-board price cuts of as much as 20% on Model 3 and Model Y vehicles. Similarweb data shows a spike in traffic to tesla.com on that since and in subsequent days.

• On Jan. 13, Tesla.com had 2.1 million visitors on desktop and mobile web, up 266% from the day before.
• The week of Jan. 13 saw traffic rise to 7.6 million from 4.0 million, a 90% spike over the week before.
• While receding somewhat since Jan. 13, traffic has remained above average since the announcement.

Tesla price cuts spark a sharp increase in demand

The chart below shows traffic to tesla.com over the past 28 days (through January 17). Traffic spiked sharply on the news of price cuts to the Model 3 and Model Y vehicles. On Jan. 13, traffic spiked by 266% from the previous day. And the week that included Jan. 13 saw a 90% spike from the week before. It’s clear that the price decrease has increased interest in Tesla vehicles.

Since Jan. 13, 2023, traffic to telsa.com has remained elevated, well above levels before the price cuts were announced.

The chart below shows converted visits (visits that end up in a sale) in the United States for Tesla Model 3 and Model Y over the past two years (through December 2022). Notice the downward trend for each of the models mentioned. From a high in March 2022 of 18.4K converted visits for Model 3 and 15.5K converted visits for Model Y, December saw a 73% drop for Model 3 and a 96% drop for Model Y.

A lot of this drop reflects the 2022 expiration of the $7,500 electric vehicle rebate in the United States, which effectively raised the price of the Tesla vehicles. With the restart of these incentives in 2023 (aided by the price cut of the Model Y, which should qualify those vehicles for the credit), Tesla conversion is likely to rise sharply to start 2023.

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Report By: Jim Corridore, Senior Insights Manager

Methodology

Disclaimer: All data, reports and other materials provided or made available by Similarweb are based on data obtained from third parties, including estimations and extrapolations based on such data. Similarweb shall not be responsible for the accuracy of the materials and shall have no liability for any decision by any third party based in whole or in part on the materials.

by Jim Corridore

Senior Analyst

Jim provides insights across multiple sectors. With 30 years on Wall Street and numerous awards for stock-picking, he is a SUNY Albany graduate.