Tesla cuts vehicle prices in bid to boost flagging demand
The Associated Press
DETROIT (AP) – With its sales slowing and its stock price tumbling, Tesla Inc. slashed prices dramatically on several versions of its electric vehicles, making some of its models eligible for a new federal tax credit that could help spur buyer interest.
The company dropped prices nearly 20% in the United States on some versions of the Model Y SUV, its top seller.
That cut will make more versions of the Model Y eligible for a $7,500 electric-vehicle tax credit that will be available through March.
Tesla also reduced the base price of the Model 3, its least expensive model, by about 6%.
Far from pleasing investors, the sharp price cuts sent Tesla shares down nearly 3% in midday trading Friday.
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1/13/2023 1:42:55 PM (GMT -6:00)