Shocking Price Drops: Tesla Slashes Model Prices
In a bold move, Tesla has slashed the prices of its Model Y, Model X, and Model S vehicles by ,000 each. This unexpected announcement comes on the heels of Tesla’s first-quarter delivery numbers falling short of market expectations.
Elon Musk’s electric vehicle (EV) giant has revised pricing for its Model Y base variant to ,990, with the long-range and performance variants now retailing at ,990 and ,490, respectively.
Model S and Model X also Experience Price Adjustments
The Model S base version now starts at ,990, while its plaid variant carries a price tag of ,990. The Model X base variant is now ,990, with its plaid variant going for ,900.
Referral Program Ends Abruptly
Tesla North America has announced the termination of its referral program benefits in all markets after April 30. This program, which allowed buyers to receive additional incentives through referrals from existing customers, has been a traditional sales-boosting tactic for automakers.
CEO’s India Trip Postponed
Elon Musk’s planned trip to India has been postponed, where he was expected to meet Prime Minister Narendra Modi and discuss the company’s plans to enter the South Asian market.
10% Global Workforce Laid Off
According to an internal memo obtained by Reuters, the EV maker has laid off more than 10% of its global workforce. This comes after the cancellation of a highly anticipated low-cost car project that had been central to Tesla’s plans for mass-market expansion.
Deliveries Drop and Earnings Report
Despite price cuts, Tesla’s global vehicle deliveries in the first quarter declined for the first time in nearly four years. The company is scheduled to report its first-quarter earnings on Tuesday.
Market Outlook and Investor Concerns
These developments come amid a tumultuous time for Tesla. While price drops may temporarily boost demand, they also raise questions about the company’s long-term profitability and growth prospects. Investors are closely watching Tesla’s earnings report to gauge the extent of these challenges and the future direction of the company.
Data sourced from: cnbc.com
