Tesla Cuts Prices in Major Markets as Sales Fall | Drudge Retort

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Tuesday, April 23, 2024

Tesla Cuts Prices in Major Markets as Sales Fall

Tesla has the cut its prices again in a number of major markets - including the US, China and Germany - as the electric car giant run by multi-billionaire Elon Musk faces falling sales.

Posted by REDIAL at 09:31 PM | 25 COMMENTS | permalink | Comment on This Entry |

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A price war has been intensifying between electric vehicle (EV) makers, with particularly fierce competition coming from Chinese firms. Tesla is due to report financial results for the first quarter of 2024 after the US market close on Tuesday.

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$2,000 decrease, so about 4% cut I think? Still too much to own a car associated with MAGAt Musk.

Make it free and I might buy one (if they throw in a hood ornament for some other manufacturer so I can hide my shame from the public).

#1 | Posted by censored at 2024-04-22 06:19 AM | Reply | Newsworthy 2

Tesla's been a useful guinea pig.

The major players will take it from here...

#2 | Posted by Angrydad at 2024-04-22 07:01 AM | Reply

Always seemed like Tesla was best as a novelty. A car for people who want to be seen as a cut above the rest.

Never really for every day use by average people. I see far more hybrids and electrics from other companies where I am.

Couple that with it sees like they've sat on their haunches for some time, reacting to problems instead of proactively fixing and continuing to improve.

#3 | Posted by jpw at 2024-04-22 09:15 AM | Reply | Newsworthy 2

"Always seemed like Tesla was best as a novelty. A car for people who want to be seen as a cut above the rest."

Yup it's BMW 3-series for a new generation.
Why buy a Honda Accord or a Toyota Camry when you can buy a car that's twice as expensive and half as reliable? It's Virtue Signaling, for ------.

I know a few people who own a Tesla who aren't awful. One drives Uber for a living in Palm Beach so the economics works out. Another one just needed a replacement for the minivan now that the kids moved on. Both got a 3. The guy I know with the S, he's a Bitcoin millionaire, so you do the math on that one.

#4 | Posted by snoofy at 2024-04-22 09:28 AM | Reply | Newsworthy 1

It's so far beyond the BMW 3's.

Tesla is the Scientology of cars.

#5 | Posted by sitzkrieg at 2024-04-22 10:39 AM | Reply | Funny: 1 | Newsworthy 1

So idiot actors buy them?

#6 | Posted by LegallyYourDead at 2024-04-23 01:22 AM | Reply | Funny: 1 | Newsworthy 1

That's part of it.

#7 | Posted by sitzkrieg at 2024-04-23 06:50 AM | Reply

#3

I see a ton of teslas in my area but I suspect that the price cuts will start reducing the number sold. I think most tesla drivers are driving it for the prestige and to quote Syndrome from The Incredibles "when everyone is super no one will be". Being an elite car is great and all but you can't be an elite car if you bring your cost down to compete with Hyundai (Ioniq 6 and Model 3 are same base price).

#8 | Posted by TaoWarrior at 2024-04-23 09:24 AM | Reply

Not just the Teslas, all EV sales are falling.

#9 | Posted by MSgt at 2024-04-23 07:03 PM | Reply | Funny: 1

Sales growth is falling.

#10 | Posted by sitzkrieg at 2024-04-24 07:34 AM | Reply

Ugh. My next car will be full electric (I've got a plug-in hybrid now), but it's not gonna be a Turdla.

Part of that is the elongated muskrat, part of that is my hatred of minimalism and non-adjustable headrests, part of that is that they're fugly.

#11 | Posted by DarkVader at 2024-04-24 11:24 AM | Reply

A recent analysis in the WSJ suggests that folks who lean to the Left politically are avoiding the purchase of Tesla vehicles, because they don't like Elmo's mouth or his politics. I suspect that the Tesla board didn't want to hear about that. TFB. If you don't like the big mouth creep at the top of the company, you know what you can do...

#12 | Posted by catdog at 2024-04-24 02:13 PM | Reply | Newsworthy 2

Tesla, the 21st Century's Edsel.

#13 | Posted by chuffy at 2024-04-24 03:09 PM | Reply | Newsworthy 1

Just saw the Tesla truck called the wankpanzer. Hilarious.
But you gotta wonder about the logic of attacking your likely market (lefties) and hooking up with people who despise EVs.

#14 | Posted by northguy3 at 2024-04-24 05:09 PM | Reply

I read elsewhere that previous customers are getting pissed about the price drops.

#15 | Posted by Whatsleft at 2024-04-24 06:16 PM | Reply

It's forced depreciation on something that just a few years ago, had owners posting on even this tiny forum about how they were the best in the market and barely depreciated. Then Hertz showed everybody the consequences of large scale forced depreciation.

#16 | Posted by sitzkrieg at 2024-04-25 08:00 AM | Reply

My cybertruck rusts in the rain, can't go through a carwash and gets stuck in four inches of snow.

We are laying off 15,000 employees and cutting prices because our products suck.

Give me a $56 BILLION bonus.

- fElon.

#17 | Posted by Nixon at 2024-04-25 08:19 AM | Reply

It's forced depreciation

Mass production motor vehicles almost never appreciate in price.

#18 | Posted by Nixon at 2024-04-25 08:21 AM | Reply

and? Normal depreciation is predictable. Price cut depreciation, not really, and extremely bad for fleet purchasers.

#19 | Posted by sitzkrieg at 2024-04-25 09:33 AM | Reply

#8 I see Teslas for sure.

I'm only just starting to really look into this area of cars so my knowledge is pretty scant as to makes and models and prices. I just know that being out and about, I see lots and lots of cars with some version of "hybrid" on their trunks. Lots of Kias, Toyotas and Hondas it seems.

Were looking to trade in my Mazda for a hybrid (wife had several before we got married and lived them) so I've started paying a lot closer attention to see what's out there.

#20 | Posted by jpw at 2024-04-25 03:15 PM | Reply

@#19 ... Price cut depreciation, not really, and extremely bad for fleet purchasers. ...

Speaking of fleet purchasers...

Hertz Reports $392 Million Loss as It Unwinds Tesla Fleet
www.bnnbloomberg.ca

... Hertz Global Holdings Inc. reported a loss that was nearly three times worse than analysts expected as it accelerated sales of electric vehicles to reduce its fleet of Tesla Inc. models that have weighed on profits for the past year.

The company said Thursday that it lost $1.28 a share, or $392 million, against analyst expectation for a loss of 44 cents a share. The car rental company took a $195 million charge for the depreciation of an additional 10,000 EVs that Hertz is now holding for sale. While the company met revenue expectations, it is trying to quickly work past its failed bet on electric vehicles that resulted in lower rental rates and higher costs.

Shares tumbled 23% at 10:55 a.m. in New York " on track for their biggest one-day drop ever -- and the price sank to a record low of $4.48. Hertz had already fallen 44% this year through Wednesday's close.

New Chief Executive Officer Gil West appears to be willing to take bitter medicine in the near term to get the right amount of EVs in Hertz's fleet and reduce the damage the cars are doing to the company's profits.

EVs have higher repair costs than traditional gas-powered vehicles and the values have fallen after Tesla cut prices last year and continued to do so this year. ...

#21 | Posted by LampLighter at 2024-04-25 03:31 PM | Reply

"Were looking to trade in my Mazda for a hybrid " meh on hybrids. They are more complex and costly to repair. There is a reason subaru dropped them.

#22 | Posted by Brennnn at 2024-04-25 05:15 PM | Reply

@#22 ... There is a reason subaru dropped them. ...

Because Subaru may have difficulties properly maintaining the vehicles they sell?

#23 | Posted by LampLighter at 2024-04-25 06:00 PM | Reply

115k miles on my Toyota Rav4 Hybrid and going strong. Depending on what you need JPW it's a nice compromise car surprisingly good acceleration 38 MPG average for me and plenty of space for all my tools and what not. It's a compromise car though you trade a bit of space and horse power for the really high MPG of a smaller hybrid.

#24 | Posted by TaoWarrior at 2024-04-25 07:17 PM | Reply

That's what we're looking for. I have a CX30 so something comparable or slightly larger is the goal. My wife's commute got a little longer so I get the big boy (Subaru Ascent) and she's in the Mazda.

RAV4 was one of the cars we were interested in taking a look at.

As for Subarus and hybrids ...

If we can hold out until 2025 we probably will. I had a forester years ago and loved it. A forester with the Prius battery/motor in it? Yes, please.

#25 | Posted by jpw at 2024-04-25 09:41 PM | Reply

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