Bean Capital Limited - Tesla Reduces Pricing for its More Expensive Models Once Again

The price of TSLA's higher-end Model S and Model X has been reduced by $5,000 to $84,990 and $94,990, respectively. TSLA also reduced the price of the Model 3 and Model Y automobiles by $1,000 and $2,000, respectively.
GUERNSEY, Virgin Islands, British - May 16, 2023 - PRLog -- TSLA's decision comes after the firm announced record first-quarter deliveries of over 423,000 cars. Past price decrease tactics, as well as the economic recovery in China, one of TSLA's core markets, led the 4% rise.

One of the reasons for another price decrease is likely to be increased demand for BYD electric cars, one of TSLA's Chinese rivals.

The price of lithium, a critical component in the production of EVs, has also been falling, with a 57% decrease for the year, allowing TSLA some leeway in pricing the cutbacks.

This is the second time the carmaker has reduced vehicle costs. In January, the business reduced the pricing some of its automobiles in the United States and parts of Europe by up to $21,000.

Morgan Stanley (MS) analyst Adam Jonas, a long-time TSLA supporter, thinks the firm can hit 2 million deliveries this year, but earlier this week urged significant price decreases.

"We believe that without the substantial price reduction, Tesla sales would not have increased sequentially," Jonas added.

He also said that the company's Freemont and Shanghai facilities would need to scale up output.

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