Tesla Keeps The Pedal Down On The EV Price War: Slashing Prices On Luxury Offerings
Tesla unveiled its upgraded Model 3 in China and reduced prices on its higher-end vehicles in the US, resulting in a 1.4% drop in Tesla's stock.
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Posted 9/1/2023, 12:45:00 PM
investors.com
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Tesla's stock is surging and flirting with a buy point due to positive buzz around the company's upgraded Model 3 and upcoming Cybertruck, as well as the increase in Tesla insurance registrations in China.
Dow Jones futures and other major indexes remained mostly unchanged after hours, with a wave of Fed-friendly economic figures and various earnings reports affecting the stock market rally. Tesla is set to release an upgraded Model 3 in China, while Li Auto, Nio, and XPeng will report August deliveries.
Tesla has officially unveiled the highly-anticipated refresh of its Model 3, including a facelifted front-end design, interior changes, increased range, and improved aerodynamics.
Tesla has unveiled a restyled Model 3 with a longer driving range in China and other markets, putting pressure on rivals who are expected to release new electric vehicles soon.
Tesla has lowered prices on its Model S and X vehicles, with reductions of 15-19% in the US and similar cuts globally, except for the recently introduced Standard Range model; the base price for the larger-battery versions of both cars is now cheaper than the smaller-battery versions, and the base model now has a larger estimated EPA range; additionally, all paint colors are now included in the base price, and due to changes in federal EV tax credit caps, the Model X can now be cheaper than the Model S after incentives.
Tesla was able to boost its sales in China by 9.3% in August, thanks to price cuts.
Tesla's production at its manufacturing plant in Shanghai increased in August to meet Wall Street's output targets.
China's passenger vehicle sales experienced growth in August, driven by discounts and tax breaks on environmentally friendly and electric cars, despite a weak economy, and Tesla's share of the Chinese electric vehicle market nearly doubled.