Tesla Again Lowers Prices As Vehicle Deliveries Miss Targets
Tesla has again lowered the prices of its electric vehicles in the U.S. after its first-quarter deliveries missed Wall Street's targets.
Over the weekend, Tesla announced that it is lowering the price of its Model Y, Model X and Model S vehicles by $2,000 U.S. each per variant.
The Model Y base variant is now priced at $42,990 U.S., while the basic version of the Model S costs $72,990 U.S. and the Model X base variant sells for $77,990 U.S.
Tesla also said in a post on social media that it is ending its referral program in all markets starting on April 30.
The latest price reductions come days after Tesla's Q1 delivery figures missed the mark with analysts and investors.
The electric vehicle maker reported that its global vehicle deliveries in the January through March period fell for the first time in four years as earlier price cuts failed to boost demand.
In recent days, Tesla has also announced plans to layoff more than 10% of its global workforce.
The company also canceled a long-promised inexpensive car, expected to cost $25,000 U.S. or less, that analysts had expected to help to drive mass-market growth.
Instead, Tesla has said that it is pivoting to focus on full self-driving vehicles and a long promised robotaxi, a risky strategy according to some analysts.
Tesla is scheduled to report its Q1 financial results on April 23.
The stock of Tesla has declined 40% so far in 2024 and is the second worst performing security in the benchmark S&P 500 index this year, behind only Globe Life (GL), which has been accused of financial fraud.
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