Wednesday, February 8, 2023
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How A Price War For Electric Vehicles Could Be Sparked By Price Reductions At Tesla

DETROIT Significant price reductions for Tesla automobiles are occurring in the United States, which is having both positive and negative effects on both the electric automaker and the larger automotive sector.

The cost of Tesla’s new automobile was reduced by up to 20% earlier this month, making it more accessible and perhaps eligible for federal tax incentives. However, it also destroys automobile resale prices for present owners and has an impact on the entire auto sector.

Elon Musk, the company’s CEO, hasn’t specifically addressed the price reductions, which run counter to his assertions that the cars will be appreciating assets – a rarity for the market outside of classics and antique cars.

Analysts said the price reductions imply Tesla is putting sales ahead of profits, possibly indicating a shift in strategy.

Source (CNBC)

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