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## Tesla Cuts Prices of Models Amid Challenges

Tesla announced a price reduction of $2,000 on three out of its five models in the United States, signaling the challenges faced by the electric vehicle company led by Elon Musk. The Model Y, Models X and S saw price cuts, bringing down the starting price of the Model Y to $42,990, Model S to $72,990, and Model X to $77,990. These reductions are aimed at attracting more customers in a competitive market.

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This move followed a decline in Tesla’s stock value below $150 per share and a decrease of about 40% in its stock price over the year due to declining sales and increasing competition. The discounted prices are a strategic move to stimulate car sales and regain market momentum.

In a social media post on Twitter, Musk highlighted that after factoring in a federal tax credit and savings on fuel costs, the entry-level Tesla could be as low as $29,490. Analysts are eager for Tesla to introduce a smaller electric vehicle at around $25,000, known as the Model 2, although recent reports suggesting the project’s cancellation have created uncertainty.

With the recent reduction in prices, Tesla continues to navigate challenges, including staff layoffs, recalls of Cybertrucks, and Musk’s postponed visit to India due to work commitments. The company is set to announce its first-quarter earnings soon, following a decline in global sales and the first year-over-year quarterly sales decrease in almost four years.

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