Tesla reverses and hikes prices after months of cuts

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Tesla reverses and hikes prices after months of cuts

seekingalpha2023-04-21

EV giant Tesla (NASDAQ:TSLA) raised prices of its Model S and X after a slew of price cuts this year to boost demand. The move comes as TSLA stock slumped 10% on Thursday following margin worries ...

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Coyotero
·2023-04-22
Crazy market in the following months
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The move comes as TSLA stock slumped 10% on Thursday following margin worries after its quarterly results. According to the website, Tesla's Model S Plaid and Model X Plaid are currently priced at $107,490, up from $104,990 earlier. The price of the Model X was raised by 2.6% to $97,490 and the Model S price increased 2.9% to $87,490. But the prices of all four models are still about 16% to 23% lower than at the start of the year. Earlier this week, Tesla (TSLA) cut prices of its Model 3 and Model 7 vehicles by $3,000 in the US, the sixth price cut in 2023. CEO Elon Musk is prioritizing sales over near-term profit amid a weak economy. TSLA recently posted its lowest quarterly gross margin in two years, missing market estimates, to spur demand and fend off rising competition. China-based, Nio (NIO) refrained from such price wars, while Xpeng (XPEV) cut costs in China with a new vehicle manufacturing platform. Ford (F) also trimmed prices on the electric Mustang, following Tesla's lead. 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