Tesla

2023 - 1 - 7

Post cover — Image courtesy of "WJCT NEWS"

Tesla's stock lost over $700 billion in value. Elon Musk's Twitter deal ... (WJCT NEWS)

The transformational automaker's market cap has dropped by a staggering amount over the past year. Blame new competition, sales that fell short of a lofty ...

But as a company that does, in fact, make cars — physical things people buy and drive around — Tesla managed to sell 1.3 million of them in 2022. There is also growing competition in China, a critical market for Tesla and other automakers. The word "stratospheric" was thrown around a lot as the stock price soared so high that it could not possibly be justified based on Tesla's revenues or production figures. At the high end of the market, familiar names such as Mercedes-Benz, BMW and Audi, as well as Lucid, Rivian and Polestar, are starting to cut into the territory of Tesla's pricier models. Now Musk has essentially become a professional Twitter troll, posting provocations and gleefully embracing some right-wing positions from his powerful perch atop the social media giant. That could be affecting sales, since liberal voters tend to be more likely to want to buy electric vehicles. Musk saw his own personal wealth drop sharply, though he still has more than $100 billion. It wasn't just Tesla that saw stock values slide. The electric-carmaker's stock lost 65% of its value in 2022. Tesla set new sales records; it grew deliveries 40%. The bad news for Tesla? That's not only bad for investors.

Tesla's Demand Troubles Spell a Terrible Start to the Year (Bloomberg)

Tesla Inc. · The Elon Musk-led EV maker's shares fell as much as 7.7% to $101.81 in early trading on Friday.

Earlier in the session, Tesla’s market capitalization dipped to around $321 billion, dropping below Meta’s roughly $334 billion. The Elon Musk-led EV maker’s shares fell as much as 7.7% to $101.81 in early trading on Friday. The stock later erased the losses to close up 2.5% as the broader

Tesla cuts prices for second time in China as demand drops (Aljazeera.com)

Tesla also slashes prices in Japan, South Korea and Australia but so far holds them steady in Europe and US.

Tesla slashed prices for all its Model 3 and Model Y cars in China between 6 percent and 13.5 percent, according to Reuters calculations based on the website prices. The Model 3 is now the same price as BYD’s best-selling Han EV. Tesla implemented the price cuts days after Beijing ended a subsidy programme. The Chinese prices of the Model 3 and Model Y cars are now 24 percent to 32 percent lower than those in the United States, Reuters calculations showed, reflecting a range of factors, including material and labour costs. Tesla’s Shanghai plant, which was expanded last year, also exports vehicles to Europe. [another in October](/economy/2022/10/24/tesla-cuts-prices-in-china-to-boost-demand) and recent incentives for Chinese buyers, mean a 13 percent to 24 percent reduction in Tesla’s prices from September in its second-largest market after the United States, Reuters calculations showed.

Tesla cuts prices in China for the second time in three months as ... (CNN)

The electric vehicle maker cut prices for all versions of its China-made Model 3 and Model Y on Friday, according to its website. The starting price for Model 3 ...

Previously, Tesla [(TSLA)](https://money.cnn.com/quote/quote.html?symb=TSLA&source=story_quote_link) had increased prices by several times in the past two years. The company’s shares ended 2022 down 65%, greatly cutting into CEO Elon Musk’s net worth. [slows to the weakest pace in decades.](https://www.cnn.com/2022/12/15/economy/china-economy-falter-before-covid-shift-intl-hnk/index.html) [had its worst day in two years](https://www.cnn.com/2023/01/03/investing/tesla-shares-weak-sales/index.html), dragged down by weaker-than-expected sales data globally. [(TSLA)](https://money.cnn.com/quote/quote.html?symb=TSLA&source=story_quote_link) reduced the prices of Model 3 and Model Y by as much as 9.4%. [Tesla](https://www.cnn.com/2023/01/03/investing/tesla-shares-weak-sales/index.html) has slashed car prices in China for the second time in less than three months, in an effort to boost sales amidst slowing demand in the world’s largest car market.

Tesla Rout Deepens After Second China EV Price Cut in 10 Weeks (Bloomberg)

Tesla Inc. shares extended their slump after the carmaker made another round of price cuts in China's increasingly competitive electric vehicle market.

Tesla cuts price of Australia's two most popular electric vehicles (The New Daily)

Australia's two best-selling electric cars have had their prices cut by thousands of dollars in a surprise move by Tesla to counter growing competition in ...

Figures from the Federal Chamber of Automotive Industries this week showed Australian sales of electric vehicles nearly doubled in 2022, reaching 33,410 cars compared to 17,243 in 2021. The price reduction will also be passed on to Australian buyers who had already ordered one of the Tesla vehicles but had yet to receive it. Australia’s two best-selling electric cars have had their prices cut by thousands of dollars in a surprise move by Tesla to counter growing competition in battery-powered vehicles.