Tesla slashes electric car prices, shares plunge in pre-market trading

An undated image of a Tesla Model S. Tesla announced price cuts on some models late Thursday evening, causing the stock price to drop in pre-market trading. File photo: Hadrian/Shutterstock

January 13 (UPI) — Tesla shares tumbled during pre-market trading Friday morning after the company announced price cuts for its Model 3 Performance and Model Y Long Range in the United States, raising concerns that the electric car maker hasn’t bottomed out. recent downturn.

According to an update on Tesla’s website, the price of the base Model 3 has dropped from $3,000 to $43,990, while the price of the Performance model price has been reduced by from $9,000 to $53,990. The price of the Model Y Long Range dropped $13,000 to $53,990, while its Performance model dropped $13,000 to $56,990.

This resulted in pre-market Tesla shares dropping more than 6% at some point before the opening of trading.

“We take a constructive view of Tesla’s strong global position in premium electric vehicles and, in particular, the improvement in the company’s performance in recent years,” said Citi analyst Itai Michaeli.

“However, we are more skeptical of the company’s approach to fully self-driving/autonomous vehicles (AV), which we see as an important contribution to the overall risk/reward valuation given our positive stance on AV capabilities overall.”

Tesla has also reduce the price of its Model 3 and Model Y vehicles in Austria, the UK, France, Germany, the Netherlands, Norway and Switzerland.

Independent electric vehicle industry researcher TroyTeslike said such falls would impact Tesla’s first-quarter valuations.

Wow, Tesla just announced a massive US price drop across the board. The Model Y LR is now $13,000 less before tax credit and $20,500 less with tax credit.

If you’re wondering if this will affect my Q1 shipping estimate, yes it does. pic.twitter.com/2OkKQ8XoZh— Troy Teslike (@TroyTeslike) January 13, 2023

Earlier this month, Tesla said it had built and delivered more than 1.3 million electric vehicles in 2022, a company record. Tesla produced 439,701 vehicles and delivered 405,278 vehicles in the fourth quarter, according to the fourth quarter report.

In total, the company for 2022 produced about 1.37 million and delivered 1.31 million.

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