Tesla Cuts Prices To Boost Demand

(CTN News) – In a bid to spur slackening demand for electric cars, Tesla has lowered prices on two of its most popular models by as much as 20 percent. This is in the United States and Europe.

A move like this comes at a time when Tesla is facing an increasingly difficult competitive environment on the global market for electric cars.

It has recently been reported by Tesla that the company has lowered prices in China. In addition, the company has posted a global sales total for 2022 that has fallen below analysts’ expectations.

It was reported Friday morning that Tesla stock was down approximately 5 percent after it was announced that the latest price cuts had been announced.

There has been a drop of around 70 percent in the share price of the company since November 2021.

Tesla announced a price cut on its electric vehicles late Thursday night, according to the company’s website.

There are now a few high-end Model 3 Performance compacts available in the United States at a price of just under $54,000, which is a 14 percent discount from the original price of $63,000.

In order to make the Model 3 even more affordable, the most affordable version is now selling for just under $44,000, a reduction of nearly $4,000.

In some cases, the lower price cuts put them within reach of the $7,500 federal tax credit that has been made available under the Inflation Reduction Act starting Jan. 1, making them eligible for tax credits for some of the lower-priced models.

There is a credit available for electric cars that cost less than $55,000 that qualify for the credit.

The automaker sold 1.3 million cars in 2022, which is more than a 40 percent increase from the year before. However, it still falls short of the company’s 50 percent annual growth target, which it set for itself earlier this year.

People who take out a loan for an electric car have been forced to pay a higher interest rate in recent months because of rising borrowing rates.

According to Tesla,

The company produced 440,000 cars in the fourth quarter, which was 34,000 more than the company delivered, suggesting that the problems with supply chain problems and production problems was not the sole cause of the slowdown.

What is the cost of 1 Tesla car?

Tesla Cars Price List (January 2023) in India. Car price is ₹ 70.00 Lakh (Avg. ex-showroom). The prices for the top 2 popular Tesla Cars are: Tesla Model 3 Price is ₹ 70.00 Lakh and Tesla Model S Price is ₹ 70.00 Lakh.

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