Explore Business Standard
Don’t miss the latest developments in business and finance.
Tesla Inc
Tesla says it will cut the cost of its next generation of vehicles in half, largely by using innovative manufacturing techniques and smaller factories. CEO Elon Musk and other executives outlined the goals during a 3 1/2-hour investor day presentation at Tesla's Austin, Texas, headquarters Wednesday as they presented the company's third master plan. The changes could bring the cost of a new generation of vehicles to around $25,000. Many investors were hoping to catch a glimpse of the next generation vehicles, but Musk said they wouldn't be shown until a proper product unveiling. We'd be jumping the gun if we answer your question, about the new vehicles, he told an analyst. Shares of Tesla fell nearly 6% in after-hours trading during the presentation that ended just after 8 p.m. Eastern time. Musk announced that Tesla plans to build a new factory in Mexico near Monterrey. Company executives said it will not take production from any other factories, where Tesla expects to expand ...
Tesla has raised prices on its Model Y in the US, apparently due to rising demand and changes in US government rules that make more versions of the small SUV eligible for tax credits. The Austin, Texas, electric vehicle company bumped up the price of the Model Y Long Range version by about 2 per cent to USD 54,990 and the Performance version by about 2.7 per cent to USD 57,990, according to its website. The prices exclude shipping and an order fee. The moves, made Friday, come three weeks after Tesla cut prices nearly 20 per cent on some versions of the Model Y, the company's top-selling vehicle. The price cuts were made to boost sagging demand, and also to make more versions of the Model Y eligible for the USD 7,500 electric-vehicle tax credit in the Inflation Reduction Act. The full tax credits will be available at least into March. On Friday, The Treasury Department revised vehicle classification definitions to make more EVs including SUVs made by Tesla, Ford and General Motors
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. The company dropped prices nearly 20% in the United States on some versions of the Model Y SUV, its top seller. That cut will make more versions of the Model Y eligible for a $7,500 U.S. electric vehicle tax credit that will be available through March. It also reduced the base price of the Model 3, its least expensive model, by about 6%. Far from pleasing investors, the sharp price cuts sent Tesla shares sinking about 4% in early trading Friday. Since the start of the year, the stock has plummeted more than 65%. Many investors fear that the sales slowdown will persist and have grown concerned about the erratic behavior of CEO Elon Musk and the distractions caused by his $44 billion purchase of Twitter. Itay Michaeli, an industry analyst at .