US Markets
Friday, October 6th, 2023 4:53 pm EDT
Key Points
- Tesla has reduced the prices of certain Model 3 and Model Y versions in the U.S., including the base Model 3, long-range Model 3, and Model 3 Performance, as well as the Model Y Performance. The price cuts come following the company’s lower-than-expected third-quarter deliveries.
- These price reductions are part of Tesla’s ongoing strategy to stimulate demand, particularly in the face of concerns about slowing consumer spending and increased competition in the electric vehicle market. Tesla frequently adjusts its car prices, especially in key markets like the U.S. and China.
- Despite the price cuts, Tesla is still aiming to deliver 1.8 million vehicles by the end of the year, aligning with CEO Elon Musk’s focus on achieving higher volume over bigger profit margins, which has contributed to the company’s stock seeing significant gains, with shares up over 100% for the year. Tesla attributed its lower Q3 deliveries to factory upgrades that resulted in manufacturing site downtime.
Tesla has reduced the prices of some Model 3 and Model Y versions in the United States following lower-than-expected third-quarter deliveries. The starting price for the Model 3 now begins at $38,990, down from $40,240, while the long-range Model 3 has dropped from $47,240 to $45,990. The Model 3 Performance version is now priced at $50,990, reduced from $53,240. Additionally, the Model Y Performance SUV now starts at $52,490, down from its previous price of $54,490. These price cuts come as Tesla aims to stimulate demand in the electric vehicle market amid concerns about slowing consumer spending and increased competition. Despite these reductions, Tesla is still striving to deliver 1.8 million vehicles this year.
For full original article on CNBC, please click here: https://www.cnbc.com/2023/10/06/tesla-cuts-model-3-model-y-prices-in-the-us-after-deliveries-fall.html
