Tesla reduced the prices of its cars worldwide on Friday as the biggest electric car maker deals with falling sales.
The costs of the Model X, Model Y and Model S—three of its four top-selling cars—were decreased by $2,000 each. reduced This happened after the company had lower-than-expected delivery numbers for the first quarter of 2024.
Prices for the Model 3, its standard sedan, stayed the same. The compact SUV Model Y is the company’s best-selling car and the most popular electric vehicle in the country.
Taking into account federal tax credits and estimated fuel savings, a Model Y now starts at just under $30,000, the automaker said, adding that “affordability is key to our mission.” announcedThe price reduction adds to disappointing news for the company, after
Reuters reported that Tesla scrapped plans for a value-focused Model 2 priced at about $25,000 and after owner Elon Musk a trip to India where he was expected to announce the automaker’s entry in the South Asian market. postponed The company also
announced layoffs last week , cutting 10 percent of its staff, about 14,000 employees.“There is nothing I hate more, but it must be done,” Musk said in a memo. “This will enable us to be lean, innovative and hungry for the next growth phase cycle.”
Tesla stock has fallen sharply in recent weeks, dropping 40 percent since the beginning of the year. The stock, which went below $150 per share on Friday, is now valued at just under half of its peak last July.
The company is expected to announce its full quarterly earnings on Tuesday, with the sales data last week marking its first year-over-year quarterly decline in sales in four years.
Tesla reduced the prices of its cars worldwide on Friday as the biggest electric car maker deals with falling sales. The costs of the Model X, Model Y and Model S—three of its four top-selling cars—were decreased by $2,000, days after the company had lower-than-expected delivery numbers for the first quarter…
