Tesla Reduces EV Prices Again, Fifth Time in 2023
Model 3 Now Starts at $41,990; Analysts Express Concerns Over Margins
Tesla has lowered the prices of its electric vehicles in the US again, marking the fifth time this year, as reported by Reuters. The price cuts range up to six percent across the entire lineup. Especially, the Model 3 now starts at $41,990 – a not-insignificant $1,000 decrease from the previous day.
Higher-end models are seeing even more significant discounts. The Model Y Long Range and Performance versions have experienced $2,000 price reductions, with new prices at $52,990 and $56,990, respectively. The Model S and Model X have also experienced additional $5,000 price cuts, now starting at $84,990 and $94,990. Electrek highlights that the base Model S price has dropped by $20,000 since 2022, while the Model S Plaid is over $25,000 cheaper than just a few months ago.
Tesla Has Ambitious Targets for 2023
In the first quarter of 2023, Tesla delivered nearly 423,000 EVs, setting a new company record, as it implemented price cuts not only in the US but also in China and other countries. Despite a four percent increase in deliveries compared to the previous quarter, Tesla still fell short of analyst estimates.
With a goal of delivering 1.8 million EVs this year, Tesla’s current trajectory based on Q1 figures indicates that the target may not be met. While the numerous price cuts could potentially increase demand and enhance Tesla’s competitiveness in a rapidly expanding market, analysts have raised concerns that these discounts could negatively impact the company’s profit margins, especially given the modest delivery growth so far.
(Image Credit: Unsplash)
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