Tesla's latest Model 3 price cut reinforces doubts about demand for its vehicles [Los Angeles Times (CA)]
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Source: Los Angeles Times
Tesla Inc. cut the base price of its Model 3 sedan in the U.S. weeks after a federal tax credit shrank in half, renewing concern over whether the electric-car maker can sustain sales with less support from incentives. The Model 3 now starts at $38,990, according to Tesla’s website. Arndt Ellinghorst, an analyst at Evercore ISI, wrote in a report Tuesday that the halving of the U.S. tax credit to $1,875 at the beginning of July is causing the company to reduce prices to support demand. “The key question remains — will Tesla be able to sustain itself given steadily declining ASPs and worsening mix?” Ellinghorst wrote, referring to the average selling prices of the company’s vehicles dropping as the Model 3 becomes a greater share of deliveries, replacing the more expensive S and X models. Tesla shares fell as much as 2.2% to $247.93 shortly after the start of regular trading Tuesday. The stock was down 24% this year through Monday’s close. While the starting price of the Model 3 has fa
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