Tesla Inc's first-quarter margins are anticipated to have hit a more than three-year low as the electric-vehicle maker slashed prices to lure more buyers in the face of rising competition and a weak economy. The world's most valuable automaker, which commands over half of the U.S. EV market, cut sticker p
Tesla Inc's first-quarter margins are anticipated to have hit a more than three-year low as the electric-vehicle maker slashed prices to lure more buyers in the face of rising competition and a weak economy.
Tesla's automotive gross margin set to decline again, https://www.reuters.com/graphics/TESLA-RESULTS/lgvdkxqejpo/chart.png The company on Friday slashed prices in Europe, Israel and Singapore. In the United States, Tesla has cut the price of its base Model 3 by a cumulative 11 per cent since the start of the year, with a 20 per cent reduction in its base Model Y.
The company, led by billionaire Elon Musk, has said a ramp up in production at its factories in Austin, Texas and Berlin would help improve margins due to economies of scale.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tesla expands discounts with price cuts in Europe, Singapore, IsraelSINGAPORE/BERLIN (Reuters) -Tesla Inc on Friday slashed prices for its electric vehicles in Europe, Israel and Singapore, expanding a global discount drive it began in China in January while raising concerns about its industry-leading profit margin. Tesla last week reported first-quarter deliveries up just 4% from the previous quarter despite offering discounts in the United States, China, Japan, Australia and South Korea aimed at spurring demand. Days after releasing the disappointing delivery data, Tesla announced its fifth vehicle price reduction this year in the U.S. market, as Washington prepares to introduce tougher standards that will limit EV tax credits.
Read more »
Tesla Shanghai factory workers appeal to Elon Musk after being told of bonus cutSHANGHAI : Workers from Tesla's Shanghai factory are taking to social media to appeal to Elon Musk and the Chinese public after being informed over the weekend about planned cuts to their performance bonuses, according to online posts and workers. Posts from online users begun appearing on forums such as
Read more »
Elon Musk plans AI startup to rival OpenAI, Financial Times reportsBillionaire Elon Musk is working on launching an artificial intelligence start-up that will rival ChatGPT-maker OpenAI, the Financial Times reported on Friday (April 14) citing people familiar with his plans. Twitter-owner Musk is assembling a team of AI researchers and engineers, according to the FT report, and is also in discussions with some investors in SpaceX and Tesla Inc about...
Read more »
Panasonic may build third EV battery plant in Oklahoma -KyodoTOKYO : Japan's Panasonic Holdings, a battery supplier to electric vehicle maker Tesla Inc, is considering building a battery plant in Oklahoma, it third in the United States, Kyodo news service reported on Sunday.
Read more »
Panasonic says it may build EV battery plant in OklahomaTOKYO :Japan's Panasonic Holdings, a battery supplier to electric vehicle maker Tesla Inc, said on Sunday that it is considering building a battery plant in Oklahoma, its third in the United States.'Panasonic has entered into an agreement with the State of Oklahoma that defines the eligibility and terms of th
Read more »
'Monetizing hate': Unease as misinformation swirls on Elon Musk's TwitterWASHINGTON: When the iconic United States diaper company Huggies was swamped with false paedophilia allegations last month, the conspiracy was traced to a once-banned influencer reinstated to Twitter by Elon Musk. The Tesla tycoon bitterly denies that misinformation has surged since his turbulent US$44 bil
Read more »