Tesla, the electric car company led by billionaire entrepreneur Elon Musk, has announced its sixth price cut for vehicles in the US this year. The move comes ahead of the company’s quarterly results, which are eagerly anticipated by investors and analysts.
The latest price cuts range from $500 to $5,000, depending on the model. Tesla’s Model 3 sedan now starts at $35,990, down $1,000 from its previous price, while the Model S and Model X vehicles have each been reduced by $5,000.
The price cuts are seen as an attempt to boost sales and remain competitive in a crowded electric vehicle market. Despite being a leader in the industry, Tesla is facing increasing competition from established automakers like Ford and General Motors, as well as upstarts like Rivian and Lucid Motors.
The company has been on a rollercoaster ride in recent months, with its stock price soaring to record highs before tumbling in early 2021. Tesla has also faced criticism for its handling of vehicle recalls and safety concerns, as well as scrutiny over Musk’s controversial tweets and public statements.
Despite these challenges, Tesla has continued to expand its operations, with new factories in Texas and Germany in the works. The company is also reportedly exploring new markets, including India and Russia.
With its latest price cuts, Tesla is hoping to continue its momentum and maintain its position as a leader in the electric vehicle space. Investors and analysts will be closely watching the company’s quarterly results to see how it fares in an increasingly competitive market.
