Tesla “Dramatically” Slashes Prices As Stock Plummets

Axios reports:

The company overnight “dramatically” cut prices of its Model 3 and Model Y in the U.S. by a weighted average of about $10,000, or 16%, according to Evercore ISI analysts.

Tesla has experienced a sharp drop in its stock price over the last several months as Musk’s Twitter management led to criticism of his leadership — and as the company faces rising competition with no new vehicles ready to go.

Tesla’s “net favorability” rating among consumers has fallen from 28.1% in March 2022 — the month before Musk offered to buy Twitter — to 12.8% in January 2023, according to Morning Consult Brand Intelligence survey data supplied to Axios.

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