Tesla Makes EVs More Accessible to Average Consumers with Price Cuts

Tesla, the electric vehicle manufacturer, has made waves in the global financial community by lowering the prices of its cars, making them more affordable to average consumers. The company has slashed its prices six times in just three months, breaking from its image of catering exclusively to urban consumers and those with large purchasing power. The base price of a Tesla car now stands below $40,000, with the Model 3 rear-wheel drive priced at $39,990 and the Model Y SUV available for $39,490 in the US after the $7,500 federal tax credit. Elon Musk, Tesla’s CEO, defended this new pricing strategy, stating that it aimed to make Tesla’s cars accessible to as many people as possible. However, investors expressed concerns over the potential shrinkage of Tesla’s profit margins. Despite this, Musk reiterated the need to make the company’s cars affordable, citing the challenges that consumers face in obtaining car loans due to rising interest rates and banks’ reluctance to extend credit.

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