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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With its sales slowing and its stock price tumbling, Tesla Inc. slashed prices dramatically Friday 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. https://t.co/CdSdYWzTUG
— The Associated Press (@AP) January 13, 2023
Tesla stock is way down. Twitter is worth less than half of what Elon Musk paid for it. Just how far he has to fall is anyone’s guess. https://t.co/7VPgLSGS5e
— Bloomberg (@business) January 11, 2023
Elon Musk has joined a very select group of people. He now holds the title of a Guinness World Record that tracks largest annual net worth decreases. The previous record was a $58.6 Billion loss by Japanese Investor Masayoshi Son in 2000. pic.twitter.com/WfYttEjOHz
— Barchart (@Barchart) January 11, 2023