With its sales slowing and its stock price tumbling, Tesla Inc. slashed prices dramatically on several versions of its electric vehicles, making some of its models eligible for a new federal tax credit that could help spur buyer interest.
FILE - A Tesla sedan gets a charge at a Tesla Supercharging station in Cranberry, Pa, Wednesday, Nov. 16, 2022. With its sales slowing and its stock price tumbling, Tesla Inc. slashed prices dramatically Friday on several versions of its electric vehicles, making some of its models eligible for a new federal tax credit that could help spur buyer interest. – With its sales slowing and its stock price tumbling, Tesla Inc.
“I think the real driver for all of this is falling demand for Teslas,” said Guidehouse Research e-Mobility analyst Sam Abuelsamid. Competitors generally lack Tesla’s economies of scale and other efficiencies and may struggle to match the price cuts. If so, Tesla could manage to keep vehicle sales at sufficient levels.Messages were left Friday seeking a comment from Tesla.
Still, Tesla's U.S. sales rose 40% last year, and S&P expects them to continue to rise as overall electric vehicle sales steadily increase. Musk's provocative behavior on Twitter may also be a factor in lower demand. Since taking over the social media platform in October, Musk has loosened restrictions on hate speech and other questionable conduct.
Case said he has heard longtime Tesla buyers say during the past six months that they aren't sure about being seen in a Tesla anymore and that they'd now consider buying an EV from a competitor.
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