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Tesla Slashes Prices of Models Amid Financial Struggles and Musk’s India Trip Postponement

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7 months ago

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Tesla, the electric vehicle giant led by CEO Elon Musk, made a significant move by cutting prices on three of its models in the U.S. The price reductions, affecting the Model Y, Model S, and Model X, come amid the company’s ongoing financial challenges.

The Model Y, one of Tesla’s popular models, now starts at $42,990, while the Model S and Model X are priced at $72,990 and $79,990 respectively. The cuts, totaling $2,000, aim to boost sales as Tesla faces increased competition and declining stock prices.

Elon Musk, the visionary behind Tesla, recently postponed a trip to India where he was scheduled to meet with Prime Minister Narendra Modi. Musk cited ‘very heavy Tesla obligations’ as the reason for the delay, hinting at the company’s focus on internal matters.

Notably, Tesla maintained the prices of its Cybertruck and Model 3, with production challenges still affecting availability. The cuts in prices for other models signal Tesla’s effort to stimulate demand amidst slowing sales.

Reports suggest that Musk’s planned announcement of a Tesla factory in India may be on hold, as the company grapples with strategic decisions to navigate global markets.

Rachel Adams

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