Tesla cuts U.S. prices on its Model Y, S and X vehicles after a difficult week

 Tesla cuts U.S. prices on its Model Y, S and X vehicles after a difficult week

After a difficult week, Tesla is lowering the prices of its Model Y, S, and X cars in the United States. The Model Y, S, and X received lower starting prices. Nearly 4,000 of Tesla's Cybertrucks were recalled and laid off earlier this week.

Another indication of the difficulties that the electric vehicle manufacturer led by billionaire Elon Musk faces is the fact that Tesla reduced the prices of three of its five models in the United States by $2,000 late on Friday. The small SUV Model Y, which is Tesla's most popular and best-selling electric vehicle in the United States, and its older, more expensive Models X and S were both reduced in price by the company.

 

Cybertruck and Model 3 sedan prices remained unchanged. The cuts brought the Model Y's starting price down to $42,990, the Model S's price down to $72,990, and the Model X's price down to $77,990. The move was made the day after Tesla's stock fell below $150 per share, erasing all gains from the previous year.

 

Due to decreased sales and increased competition, the Austin, Texas-based company's stock price has decreased by approximately 40% so far this year. In an effort to entice a greater number of automobile purchasers, sticker prices can be reduced. Musk announced early on Saturday on X, the social media platform he acquired and renamed, that an entry-level Tesla would cost as little as $29,490 after taking into account a federal tax credit and gas savings. Volume 90% in 0 of 3 minutes, 26 seconds Elon Musk's $56 billion pay deal is reinstated by Tesla shareholders. 03:26 Analysts in the industry have been waiting for Tesla to introduce the Model 2, a small electric car that would cost about $25,000.

 

Despite Musk's claims to the contrary, media reports this month that Musk planned to scrap the project added to the company's uncertainty. The price reductions brought an end to a long week at Tesla, which announced on Monday that it would be eliminating approximately 14,000 jobs worldwide, or 10% of its workforce. The company also said that it would be recalling nearly 4,000 of its 2024 Cybertrucks because it found that the accelerator pedal can get stuck, which could cause the vehicle to accelerate unintentionally and make it more likely to crash. citing "very heavy Tesla obligations," Musk confirmed on Saturday that he had postponed a planned weekend trip to India to meet with Prime Minister Narendra Modi. On X, he said that rescheduling the visit for later this year was something he was looking forward to.

 

Tesla is planned to report its first-quarter income on Tuesday. The business released a report earlier this month stating that its global sales decreased significantly from January to March due to an increase in competition, a slowdown in the growth of electric vehicle sales, and the failure of earlier price cuts to attract additional customers. For the first time in nearly four years, Tesla's quarterly sales were down year over year.