Published , by Donovan Erskine
Published , by Donovan Erskine
Tesla has lowered prices multiple times in recent years as it looks to make its electric vehicles more affordable and get more on the road. Today, Tesla is expected to share its earnings report for Q12023, giving audiences a better idea of how well it performed over the past few months. Ahead of this release, Tesla has once again cut prices on its cars in the United States.
Specifically, Tesla has lowered prices on Model Y and Model 3 electric vehicles, as reported by Reuters. The Model Y long range and performance EVs had their prices reduced by $3,000, and the rear-wheel drive Model 3’s price was reduced by $2,000. This is the sixth time that Tesla has lowered prices on its vehicles this calendar year, with the Model Y and Model 3 receiving 20 and 11 percent cost reductions, respectively.
The United States will soon introduce new rules for its EV tax credit program that makes them harder to earn. This is likely the cause of Tesla’s continued price reductions, as the company wants to increase demand for its EVs. Tesla (TSLA) stock was down roughly 2.5 percent on the news of its latest price cuts, falling to a value of $178.54 this morning.
The United States isn’t the only nation where Tesla has been slashing prices on its cars. China, Japan, South Korea, and Australia have also received significant price reductions on the EVs in recent months.
With yet another Tesla price cut in the books, it will be interesting to see if the company speaks to the decision in its Q1 2023 earnings report, which will be released later today. For any of the news out of that release, as well as everything else going on in the world of EVs, Shacknews has you covered.