Tesla cut prices on its Model 3 and Model Y in the US, working to entice more buyers in an increasingly competitive market. Among the moves, pricing on the company's website showed a $3,000 cut in theShares of Tesla fell 2.9% in premarket trade, but had pared that loss to less than 1% by around midday Wednesday.
The Model Y Long Range model was reduced to $49,990 from $52,990 and the Performance model went to $53,990 from $56,990. Tesla's Model 3 Standard Range Rear-Wheel Drive now has a price tag below $40,000 – at $39,990 versus $41,990. on the Standard Range RWD was cut to $3,750 under new guidance this week from the US Treasury Department, but other Tesla models were still eligible for the full $7,500 credit.
Tesla investors late Wednesday will watch the company's margins following this year's price cuts. The company is expected to post revenue of $23.73 billion for the first quarter, according to a FactSet poll of analysts. That would represent a 26% increase from the same period a year ago but a decline from $24.32 billion in the fourth quarter of 2022.
The FactSet per-share earnings projection is $0.85 a share compared with $1.07 a share a year earlier. The stock in 2023 has been recovering from last year's brutal 65% decline, making it among the worst-performing shares on the
So, the Model S has been around since june 22nd, 2012, when Somebody That I Used to Know by Gotye was topping the charts. And there's no successor in sight.