Tesla Stock Opens Lower After Price Cuts

Dow Jones04-22

By Dean Seal

Shares of Tesla opened the week lower after cutting the U.S. prices of its Model Y, Model S and Model X by $2,000 on Saturday.

The stock was down 4.4% at $140.56 when the market opened. Shares have now fallen 44% this year.

The electric-vehicle maker's website showed over the weekend that its Model Y now starts at $42,990 before incentives and excluding taxes and fees, while the entry prices for a Model S is $72,990 and a Model X is $79,990.

Rival EV maker Li Auto meanwhile cut prices in China by up to 30,000 yuan ($4,144) for all of its models. Its American depositary receipts opened 7.8% lower at $24.33.

The Tesla selloff also follows Chief Executive Elon Musk's postponement of a highly anticipated visit to India, during which he was scheduled to meet with Prime Minister Narendra Modi and lay out plans for the company to start manufacturing and importing cars in the country.

Musk attributed the change of plans to "very heavy Tesla" obligations" and said he would visit India later this year.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

April 22, 2024 09:38 ET (13:38 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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Shares have now fallen 44% this year. \n\n\n  The electric-vehicle maker's website showed over the weekend that its Model Y now starts at $42,990 before incentives and excluding taxes and fees, while the entry prices for a Model S is $72,990 and a Model X is $79,990. \n\n\n  Rival EV maker Li Auto meanwhile cut prices in China by up to 30,000 yuan ($4,144) for all of its models. 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