The company dropped prices nearly 20% in the United States on some versions of the Model Y SUV, its top seller. That cut will make more versions of the Model Y eligible for a $7,500 electric-vehicle tax credit, which will be available through March. Tesla also reduced the base price of the Model 3, its least expensive model, by about 6%.
Far from pleasing investors, the sharp price cuts sent Tesla shares down nearly 2% immediately after the announcement. Since the start of last year, the stock has plummeted more than 65%. Many investors fear that Tesla’s sales slowdown will persist and have grown concerned about the erratic behavior of CEO Elon Musk and the distractions caused by his $44 billion purchase of Twitter.
“I think the real driver for all of this is falling demand for Teslas,” said Guidehouse Research e-Mobility analyst Sam Abuelsamid.
Based on the current short delivery times for Tesla vehicles that once were months long, Tesla’s once-sizable order backlog may have been depleted, said Scott Case, CEO of Recurrent, who analyzes the new and used EV markets.
Customers either were awaiting this year’s federal tax credits, Case said, or switched to competitors.
“We think it’s now more of a competition thing,” he said.
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