Tesla slashes prices amid slumping sales
by TheHill
TheHill— Tesla dropped the prices of its vehicles globally on Friday as the largest electric vehicle manufacturer faces declining sales. The prices of the Model X, Model Y and Model S — three of its four best-selling vehicles — were each reduced by $2,000, days after the company recorded below-anticipated delivery figures for the first quarter
CNBC—Tesla slides 3%, Li Auto sinks 8% as EV makers slash prices amid fierce competition. Tesla shares sank 3%, while China's Li Auto hit an 11-month low after both companies slashed prices of their electric vehicles in China.
CBS News—Tesla profits plunge as it grapples with slumping electric vehicle sales. Mounting competition in the stuttering electric vehicle market is taking the juice out of Tesla. The automaker's first-quarter profit plummeted 55% as falling global sales and price cuts sliced into the EV maker's revenue and earnings. The company said Tuesday it made $1.13 billion in profit from January through March, compared with $2.51 billion in the same period a year ago. Revenue was $21.3 billion, down 9% from last year, the company said.Tesla executives blamed the dip partly on EV sales...
WSJ—NIO Shares Jump After Strong Sales Amid EV Price War. The Chinese electric-vehicle maker’s shares are on track for their largest one-day gain in more than two years.