Elon Musk’s Tesla has slashed the prices of three of its five models in the United States in a desperate attempt to stimulate sales and prop up its stock price, which has fallen like a rock.
CNBC report Late that Friday, Tesla announced significant price cuts for Model Y, S, and X vehicles in the U.S. market. The decision comes on the heels of a difficult week for the electric vehicle maker, which included massive layoffs and a recall of about 4,000 Cybertrucks due to the possibility of accelerator pedals sticking to the floor of the odd electric truck. I was disappointed.
Tesla Inc. CEO Elon Musk speaks via video link at the Qatar Economic Forum in Doha, Qatar, Tuesday, June 21, 2022.Photographer: Christopher Pike/Bloomberg
Tesla still on fire in Connecticut (Stamford Fire Department)
The starting price of the Model Y, Tesla’s most popular model and the best-selling electric vehicle in the United States, has been reduced to $42,990. The company also lowered the prices of older, more expensive models, with the Model S starting at $72,990 and the Model X going for $77,990. Prices for the Model 3 sedan and Cybertruck remained unchanged.
The move comes after a tumultuous period for Tesla, whose stock price has fallen about 40% since the beginning of the year. This decline is due to lower sales and increased competition in the electric vehicle market. Tesla aims to attract more car buyers and increase sales by offering sticker price discounts.
Tesla CEO Elon Musk emphasized the affordability of his entry-level Tesla on social media platform X (formerly Twitter). He said the price of an entry-level Tesla could be as low as $29,490 after factoring in federal tax credits and gas savings.
Industry analysts are expecting the introduction of a smaller, more affordable Tesla model called the Model 2, with an expected price tag of about $25,000. Recent media reports suggesting Musk plans to cancel the project have created uncertainty about the company’s future direction, although Musk denies these claims.
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Lucas Nolan is a reporter for Breitbart News covering free speech and online censorship issues.
