Current:Home > BackTesla cuts US prices for 3 of its electric vehicle models after a difficult week-LoTradeCoin
Tesla cuts US prices for 3 of its electric vehicle models after a difficult week
View Date:2024-12-23 19:52:06
Tesla knocked $2,000 off the prices of three of its five models in the United States late Friday, another sign of the challenges facing the electric vehicle maker led by billionaire Elon Musk.
The company cut the prices of the Model Y, a small SUV which is Tesla’s most popular model and the top-selling electric vehicle in the U.S., and also of the Models X and S, its older and more expensive models. Prices for the Model 3 sedan and the Cybertruck stayed the same.
The cuts reduced the starting price for a Model Y to $42,990 and to $72,990 for a Model S and $77,990 for a Model X.
The move came the day after Tesla’s stock tumbled below $150 per share, eliminating all gains made over the past year. The Austin, Texas, company’s stock price has dropped about 40% so far this year amid falling sales and increased competition. Discounted sticker prices are a way to try to entice more car buyers.
Musk posted early Saturday on X, the social media platform known as Twitter before he acquired and renamed it, that the cost of an entry-level Tesla was as low as $29,490 once a federal tax credit and gas savings were factored in.
Industry analysts have been waiting for Tesla to introduce a small electric vehicle that would cost around $25,000, the Model 2. Media reports this month that Musk planned to scrap the project created more uncertainty over the company’s direction, although Musk called them untrue.
The price cuts ended a long workweek at Tesla, which announced Monday that it was cutting 10% of its staff globally, about 14,000 jobs. The company also said it was recalling nearly 4,000 of its 2024 Cybertrucks after discovering the accelerator pedal can get stuck, potentially causing the vehicle to accelerate unintentionally and increase the risk of a crash.
On Saturday, Musk confirmed he had postponed a planned weekend trip to India to meet with Prime Minister Narendra Modi, citing “very heavy Tesla obligations.” He said on X that he looked forward to rescheduling the visit for later this year.
Tesla is scheduled to announce its first-quarter earnings on Tuesday.
The company reported earlier this month that its worldwide sales fell sharply from January through March as competition increased worldwide, electric vehicle sales growth slowed, and earlier price cuts failed to lure more buyers.
It was Tesla’s first year-over-year quarterly sales decline in nearly four years.
veryGood! (28696)
Related
- Mike Tyson impresses crowd during workout ahead of Jake Paul fight
- A British politician calling for a cease-fire in Gaza gets heckled by pro-Palestinian protesters
- Adam Harrison, a son of ‘Pawn Stars’ celebrity Rick Harrison, has died in Las Vegas at age 39
- Missouri woman accused of poisoning husband with toxic plant charged with attempted murder
- College Football Playoff bracket: Complete playoff picture after latest rankings
- AC Milan goalkeeper Maignan walks off field after racist chants. Game at Udinese suspended briefly
- An explosive case of police violence in the Paris suburbs ends with the conviction of 3 officers
- Holly Madison Reveals Why Girls Next Door Is Triggering to Her
- Skai Jackson announces pregnancy with first child: 'My heart is so full!'
- A diverse coalition owed money by Rudy Giuliani meets virtually for first bankruptcy hearing
Ranking
- Rachael Ray Details Getting Bashed Over Decision to Not Have Kids
- Ex-Florida GOP party chair cleared in sexual assault probe, but could still face voyeurism charges
- Ex-Florida GOP party chair cleared in sexual assault probe, but could still face voyeurism charges
- Murder charge is dropped against a 15-year-old for a high school football game shooting
- The 10 Best Cashmere Sweaters and Tops That Feel Luxuriously Soft and Are *Most Importantly* Affordable
- The thin-skinned men triggered by Taylor Swift's presence at NFL games need to get a grip
- Professor's deep dive into sobering planetary changes goes viral. Here's what he found.
- Ohio State lands Caleb Downs, the top-ranked player in transfer portal who left Alabama
Recommendation
-
Will the NBA Cup become a treasured tradition? League hopes so, but it’s too soon to tell
-
More searching planned at a Florida Air Force base where 121 potential Black grave sites were found
-
Why Jacob Elordi Is Worried About Returning for Euphoria Season 3
-
A diverse coalition owed money by Rudy Giuliani meets virtually for first bankruptcy hearing
-
Rep. Michael McCaul of Texas says he was detained in airport over being ‘disoriented’
-
Iran launches satellite that is part of a Western-criticized program as regional tensions spike
-
Las Vegas Raiders hire Antonio Pierce as head coach following interim gig
-
AC Milan goalkeeper Maignan walks off field after racist chants. Game at Udinese suspended briefly