Tesla increased prices of its Model S and Model X vehicles in the US, after the company’s shares slumped as steep markdowns earlier this year took a significant toll on profitability. Moneyweb TeslaModelS TeslaModelX
Tesla increased prices of its Model S and Model X vehicles in the US, after the company’s shares slumped as steep markdowns earlier this year took a significant toll on profitability. The latest staring prices of both models are $87 490 and $97 490, respectively. The move claws back some of the cuts that squeezed profit margins, and come just two days after Tesla lowered the price of its Model Y SUV and Model 3 sedan for the second time this month.
Tesla’s automotive gross margin excluding sales of regulatory credits dipped to 19% for the quarter, below the 20% threshold that Chief Financial Officer Zachary Kirkhorn said three months ago the company expected to stay above this year. Tesla remains ahead of other automakers in return on sales: In 2022, General Motors Co. reported an operating margin of 6.6%, while Ford Motor Co.’s was 4%.
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