0
0
Tesla Prices Slashed in China
Tesla has made significant price cuts to its various models in China as part of its strategy to boost sales and enhance its competitive position in the Chinese electric vehicle (EV) market. The latest reduction saw the price of the Model 3 drop by nearly $2,000 (equivalent to 14,000 yuan), resulting in a new price tag of approximately $32,600 (231,900 yuan).
This move aligns with Tesla’s previous pricing adjustments in the United States, where it also reduced prices for Models Y, X, and S cars. The company has not only focused on lowering vehicle prices but has also discounted its self-driving technology from $12,000 to $8,000 in the U.S.
Tesla Cybertruck Recall
In addition to the price cuts, Tesla recently recalled 3,878 Cybertruck electric pickups due to issues with accelerator pedals that could dislodge and pose a safety risk. The recall covers Cybertruck vehicles manufactured between November 13, 2023, and April 4, as reported by the U.S. National Highway Traffic Safety Administration (NHTSA).
Tesla’s Challenges in 2024
Despite its efforts to stimulate sales and address safety concerns, Tesla has faced a series of challenges in 2024, leading to a decline in its stock price. The company hit a new 52-week low following downgrades from Deutsche Bank analysts and ongoing concerns about layoffs and internal restructuring.
CEO Elon Musk’s announcement of significant workforce reductions, affecting approximately 14,000 employees globally, added to the downward pressure on Tesla’s shares. Analysts at JPMorgan highlighted the layoffs as a clear indicator of the company’s struggle to meet EV demand, further impacting investor confidence in Tesla’s performance.
Image/Photo credit: source url
