Electric vehicle company Tesla slashed the price of its cars across global markets as much as 20%, the automaker announces.
Tesla and SpaceX Chief Executive Officer Elon Musk speaks at the SATELLITE Conference and Exhibition on March 9, 2020, in Washington.slashed the price of its cars across global markets as much as 20%, the automaker announced on Thursday night.
The move aims to bolster demand as Tesla faces falling sales amid recession fears and heightened competition, some analysts and investors said. The U.S. price cuts on top-selling cars – such as the Model 3 sedan and Model Y crossover – came in between 6% and 20%, according to an analysis fromThe price cuts add to the savings that U.S. customers will receive from a $7,500 federal tax credit that took hold for many electric vehicles at the outset of the year.
CEO Elon Musk, who acquired Twitter in late October, has drawn scrutiny over his apparent focus on the social media platform."It's no secret that demand for Tesla is starting to see some cracks in this global slowdown for 2023," Dan Ives, a longtime Tesla bull and managing director of equity research at Wedbush, said in a research note on Friday.Tesla did not immediately respond to a request for comment.
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