News Summary

Tesla has increased the prices of its Model 3 and Model Y vehicles in Canada by $1,000, making them ineligible for the federal government’s $5,000 iZEV rebate. The price of the Tesla Model 3 now starts at $55,990, while the Model Y SUV is priced at $60,990. This adjustment comes as the federal EV subsidy is expected to run out of funding by March, and follows Tesla’s launch of a refreshed Model Y in the Asia-Pacific region. With these changes, most Canadians will no longer be able to purchase these models with the federal rebate. Additionally, Quebec has announced a temporary suspension of its rebate, which will return at a lower value.