The cost of Tesla's higher-end electric vehicle models has dropped as much as $29,000 since early January.
reduced prices of its more expensive models again, days after Elon Musk said cuts earlier this year had piqued interest in the company’s electric vehicles.
At $109,990, Plaid iterations of the S and X now cost $26,000 and $29,000 less than they did in early January.Musk said last week that desire to own Teslas was “indistinguishable from infinite,” and that demand will “go crazy” as the company makes its cars more affordable. Reducing prices of S and the X models again suggests those vehicles may have gotten less of a boost from cuts the company made across its lineup seven weeks ago.
Tesla shares fell 0.8% as of 9:55 a.m. Eastern time Monday. The stock has climbed 61% this year after plunging 65% in 2022. “Tesla is sprinting in a global automotive marathon to cut costs, as they strive to be a global manufacturing champion that can give the company a sustainable competitive advantage,” said Joel Levington, a Bloomberg Intelligence credit analyst.
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