Tesla's aggressive price cuts may have angered some buyers — but they worked
But the price adjustments are spurring demand, with orders coming in at almost twice the rate of production, Musk said on the call.
In response, Tesla has raised the price of its Model Y. The Model Y now costs $500 more at $53,490 — after a price cut of $13,000 earlier this month. Musk added it has always been Tesla's goal to produce cars that are"affordable to as many people as possible."with revenue coming in at $24.32 billion, beating analyst's expectations at $24.16 billion, according to the Institutional Brokers' Estimate System data on Refinitiv.
"We think demand will be good despite probably a contraction in the automotive market as a whole," Musk said on Wednesday's call. That's even though he's predicting a"pretty difficult recession this year."Sign up for notifications from Insider! Stay up to date with what you want to know.
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