Why Tesla Stock Just Hit a 1-Week Low
Tesla (NASDAQ: TSLA) stock fell to its lowest price in a week on Friday morning, down 5.9% as of 9:45 a.m. ET, after cutting prices steeply on both Model 3 electric sedans and Model Y crossovers in both the U.S. and Europe.
Across a range of configurations, Tesla shoppers in the U.S. now have the opportunity to pay anywhere from 6% to 20% less today than these electric cars cost yesterday. And factoring in federal tax credits, which are more generous for lower-priced electric vehicles (EVs) than for more expensive ones, the discounts go as high as 31%, reports CNBC.
In Germany, Reuters says, similar but smaller cuts lower the cost of buying a new Tesla Model 3 or Model Y by anywhere from 1% to 17%. Commenting on the cuts, Tesla Germany explained in a statement that "partial normalization of cost inflation" lay behind the cuts, and Tesla is simply trying to "pass this relief onto our customers."
Source Fool.com
