- April 21, 2024
- Posted by: legaleseblogger
- Category: Related News
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Tesla Slashes Prices Amid Slumping Sales and Inventory Glut
(Bloomberg) — Tesla Inc. spent the weekend cutting prices of its models across China, Europe and the US amid slumping sales and a glut of inventory. The move comes as the company faces challenges in key markets and works to maintain market share amidst increasing competition.
Price Reductions Across Key Markets
Late Saturday, the company led by Elon Musk also slashed the price of the driver assistance software that it calls FSD, or Full Self-Driving, by a third to $8,000 in the US. It had been $12,000. The promise of fully autonomous vehicles has been central to Tesla’s valuation, and the company continues to innovate with new versions of the FSD software and plans for a dedicated robotaxi.
Tesla’s website indicates that customers will receive a 30-day trial of Full Self-Driving Capability with a new vehicle purchase. However, active driver supervision is still required, as the features do not render the vehicle fully autonomous.
Earlier on the weekend, Tesla also reduced prices in China and the US, its two key markets, as well as in Europe. The price cuts follow disappointing first-quarter sales and aim to address the issue of excessive inventory.
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Overall, Tesla’s recent price reductions and strategic moves reflect the company’s efforts to adapt to market conditions and maintain its competitive position in the electric vehicle industry.
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