Probably looking to keep its 51% market share in the United States, Tesla Inc. (NASDAQ: TSLA) has cut prices on most of its models. It lowered prices on several late last year and early in 2024. Tesla’s issues may be so difficult that it is in deep trouble.
Reuters reports that, after a review of the Tesla website, the Base Model Y model price was cut to $42,990. The long-range and performance models were dropped to $47,990 and $51,490. The price of the Model S fell to $72,990. The price of the Plaid version fell to $87,990. The base Model X price was cut to $77,990. The Plaid version of the model was dropped to $92,900.
Tesla delivery and production figures fell more than expected in the most recently reported quarter. In the first quarter, Tesla produced over 433,000 vehicles and delivered approximately 387,000.
Tesla remains the U.S. market share leader by far. No other company has a double-digit share of the EV market in America.
Tesla suffers from a set of problems shared by all EV companies selling vehicles in the United States. People worry about battery charging time, the range of cars on a single charge, the number of charging stations, and prices. Many Americans have turned to hybrids, which only have a few of these challenges. Others have kept gasoline-powered cars. The cost of gas has been relatively low, but that could change because of turmoil in the Middle East.
Tesla’s stock has been badly hurt by its vehicle production, delivery figures, and quality control issues. The stock trades at a 52-week low of $147 and is down 41% this year. Price cuts may not be enough to reverse that trend.
∴
It’s Your Money, Your Future—Own It (sponsor)
Retirement can be daunting, but it doesn’t need to be.
Imagine having an expert in your corner to help you with your financial goals. Someone to help you determine if you’re ahead, behind, or right on track. With SmartAsset, that’s not just a dream—it’s reality. This free tool connects you with pre-screened financial advisors who work in your best interests. It’s quick, it’s easy, so take the leap today and start planning smarter!
Don’t waste another minute; get started right here and help your retirement dreams become a retirement reality.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.