'Can't sell its cars': Horror news for Tesla owners as prices plunge

A slump in demand for Teslas and a backlog of supply of new vehicles have seen prices slashed in Australia, sparking concern and anger among owners of the iconic electric vehicles.

About this time two years ago, a Model Y rear-wheel drive was fetching USD72,300 drive away, with the price dipping marginally to about USD69,000 some 12 months later.

Right now, the top-selling EV from the American automaker, owned and run by controversial billionaire Elon Musk, is considerably cheaper – in the ballpark of USD60,900.

A Sunshine Coast man picked up his new Model Y recently, which he bought for $60,000 plus on-road coasts, and was dismayed to see the same deal 2 weeks later for USD5000 less.

"Basically, Tesla can't sell its cars due to Elon's behaviour," finance giant Ross Gerber declared on X, formerly Twitter, last month.

Mr Gerber is the chief executive of investment firm Gerber Kawasaki and an investor in Tesla itself and lays the blame for the automaker's underwhelming performance at the feet of Mr Musk.