Stock Market News
Tesla cuts US prices for sixth time this year
2023.04.19 00:54
© Reuters. FILE PHOTO: Visitors look at a Tesla Model 3 electric vehicle (EV ) at the third China International Consumer Products Expo, in Haikou, Hainan province, China April 12, 2023. REUTERS/Casey Hall
(Reuters) -Tesla Inc late on Tuesday further slashed prices in the United States for some of its Model Y and Model 3 electric vehicles, according to its website, ahead of its first-quarter results on Wednesday.
The Elon Musk-led electric vehicle maker’s sixth price cut in the U.S. will see the cost of both the Model Y Long Range and Performance vehicles cut by $3000 each. The cost of its Model 3 Rear Wheel Drive will be cut by $2000 to $39,990.
The move comes after the company recently cut prices for its electric vehicles in Europe, Israel and Singapore, expanding a global discount drive it began in China in January, while raising concerns about its industry-leading profit margin.
