Probably looking to keep its 51% market share in the US, Tesla (NASDAQ: TSLA) has cut prices on most of its models. It lowered prices on several late last year and early in 2024. Tesla’s issues may be so difficult that it is in deep trouble.
Reuters reports that, after a review of the Tesla website, the Base Model Y model price was cut to $42,990. The long-range and performance models were dropped to $47,990 and $51,490. The price of the Model S fell to $72,990. The price of the Plaid version fell to $87,990. The base Model X price was cut to $77,990. The Plaid version of the model was dropped to $92,900.
Tesla delivery and production figures fell more than expected in the most recently reported quarter. In the first quarter, Tesla produced over 433,000 vehicles and delivered approximately 387,000.
Tesla remains the US market share leader by far. No other company has a double-digit share of the EV market in America.
Tesla suffers from a set of problems shared by all EV companies selling vehicles in the US. People worry about battery charging time, the range of cars on a single charge, the number of charging stations, and prices. Many Americans have turned to hybrids, which only have a few of these challenges. Others have kept gas-powered cars. The cost of gas has been relatively low, but that could change because of turmoil in the Middle East.
Tesla’s stock has been badly hurt by its vehicle production, delivery figures, and quality control issues. The stock trades at a 52-week low of $147 and is down 41% this year. Price cuts may not be enough to reverse that trend.
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