Electric car manufacturer Tesla has announced a significant price drop for three of its models in the United States. The Model Y, Model X, and Model S all saw a reduction in prices, with the Model Y now starting at $42,990, the Model S at $72,990, and the Model X at $77,990.
This news comes at a time when Tesla’s stock price has dipped below $150 per share, effectively wiping out all gains from the past year. The company’s stock has plummeted approximately 40% this year due to declining sales and mounting competition in the electric vehicle market.
Despite the price cuts, Tesla CEO Elon Musk remains optimistic about the company’s future. Musk recently claimed that the cost of owning an entry-level Tesla could be as low as $29,490 when factoring in federal tax credits and savings on gas.
However, uncertainty looms over the future of Tesla’s Model 2, with reports circulating about its cancellation. The company also recently announced a 10% global workforce reduction and a recall of nearly 4,000 Cybertrucks.
In a surprising turn of events, Musk has postponed his planned trip to India to meet with Prime Minister Narendra Modi, citing “very heavy Tesla obligations.” This comes as Tesla is set to announce its first-quarter earnings on Tuesday, with expectations of a decline in worldwide sales due to increased competition and slowing growth in the electric vehicle market.
Overall, Tesla is facing a challenging period as it grapples with market pressures and internal challenges. Stay tuned for updates as the company navigates through this turbulent time.
“Prone to fits of apathy. Devoted music geek. Troublemaker. Typical analyst. Alcohol practitioner. Food junkie. Passionate tv fan. Web expert.”