In a groundbreaking move, Tesla has announced that their Model Y, X, and S vehicles are now more affordable than ever in the United States. This news comes as a pleasant surprise to many potential buyers who have been eagerly awaiting the opportunity to own one of these cutting-edge electric vehicles.
The decision to lower prices on these popular models is sure to attract even more customers to the Tesla brand. With their sleek design, impressive performance capabilities, and environmentally friendly technology, it's no wonder that Tesla cars have become increasingly popular in recent years.
The company cut the prices of the Model Y, a small SUV which is Tesla’s most popular model and the top-selling electric vehicle in the U.S., and also of the Models X and S, its older and more expensive models. Prices for the Model 3 sedan and the Cybertruck stayed the same.
The cuts reduced the starting price for a Model Y to $42,990 and to $72,990 for a Model S and $77,990 for a Model X.
Tesla’s stock tumbled below $150 per share, eliminating all gains made over the past year. The Austin, Texas, company’s stock price has dropped about 40% so far this year amid falling sales and increased competition. Discounted sticker prices are a way to try to entice more car buyers.
Also on Saturday, Tesla cut the price of its Full Self-Driving service to $8,000 from $12,000.
Despite its name, Full Self-Driving is not full self-driving. It's a Level 2 system that requires a human driver to be paying attention and ready to take over at any time.
FSD to $99 a month from $199, aiming to spur wider adoption. But it also reduced the incentive to actually buy FSD. At $99 a month, it would take just over 10 years to pay $12,000 in FSD subscription fees. It would still take nearly seven years to pay $8,000.
Clearly, both have their own appeal. The Model 3 has been upgraded, with new technology, an infotainment screen in the back, better back seats, and a new design of course. It’s also got the slightly more fun driving qualities of a smaller sedan. The Model Y, meanwhile, has the extra cargo space, more room in the back, and a higher seating position. It seems clear that most buyers currently favor the Model Y, seeing as 3 times more of them were sold than Model 3s in the first quarter. We’ll see if that changes in the second quarter.
The company also experienced production issues at its Gigafactory near Berlin, Germany. It announced a nearly two-week production pause at the facility in late January and early February due to a parts shortage caused by the shipping crisis in the Red Sea precipitated by Iran-backed Houthi militants. The facility also was forced to pause production for nearly a week in March due to an arson attack by an environmental activist against an electricity transmission facility that helped power the plant.
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