DETROIT (AP) — With its sales slowing and its stock price tumbling, Tesla Inc. slashed prices dramatically Friday on several versions of its electric vehicles,…
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%.Sign up to receive daily headline news from Ottawa Citizen, a division of Postmedia Network Inc.
Customers either were awaiting this year’s federal tax credits, Case said, or switched to competitors.Unlike many of its rivals, though, Tesla can still make money on EVs for one crucial reason, Case said: The company enjoys high profit margins, thanks to manufacturing and battery efficiencies. And as overall EV sales are rising, Tesla’s U.S. market share is falling. From 2018 through 2020, Tesla represented about 80% of the EV market. By 2021, that figure had sunk to 71%, and it’s continued to decline, according to registration data gathered by S&P.Article content
Edward Jones analyst Jeff Windau said those factors are reducing demand for all vehicles, not just Teslas. Musk’s views are sharply at odds with those of many environmentally conscious Tesla customers who lean Democratic. Survey data from Morning Consult Brand Intelligence shows that in the past year, the number of Americans who view Tesla favorably has dropped. In January of 2022, nearly 43% had a favorable opinion of Tesla, with nearly 15% negative. By this month, those with favorable opinions had dropped to 37%, while the negative views rose to 24%.
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