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Tesla (TSLA) Slashes Price Across the Entire Lineup in US
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Tesla (TSLA - Free Report) announced another round of price cuts for its entire U.S. lineup on Apr 6. The price cut ranges between 2% and 6%. As per InsideEVs, the base variant of Model X and Model S have gone through the most significant price cut of $5,000.
Per Tesla’s website, Model Y’s base variant is priced at $49,990. Model Y Long Range will now cost $52,990, while Model Y Performance will now cost $56,990 after a massive price cut of $2,000 each. All new Model Y vehicles qualify for a federal tax credit for eligible buyers.
According to the company’s website, Model 3 RWD will now cost $41,990, while Model 3 Performance will cost $52,990. Starting from Apr 18, based on new IRS guidance, the tax credit on Model 3 RWD will reduce to $3,750.
The base Model S will now cost $84,990, while Model X will cost $94,990.
In 2022, Tesla made a total of 1.3 million deliveries. In January 2023, Elon Musk estimated that the number of deliveries could touch the 2 million mark in the current year. The price cuts are most likely aimed at reaching the 2 million deliveries target set by the company.
In February, Tesla increased the price of the Model Y performance crossover twice by $1,000. However, it slashed the price of its cheapest rear-wheel-drive Model 3 sedan by $500 to make it 9% cheaper.
On Apr 9, Tesla CEO Elon Musk tweeted about “opening Megapack factory in Shanghai to supplement output of Megapack factory in California.” According to Bloomberg, the construction of the Megapack factory will start in the third quarter of this year, while the production of Megapack will begin in the second quarter of 2024. The factory would be capable of producing 10,000 Megapacks every year.
The Megapack is a container-sized battery that can store enough energy to power an average of 3,600 homes for one hour.
A few top-ranked players in the auto space are Geely Automobile Holdings Limited (GELYY - Free Report) , BYD Company Limited (BYDDY - Free Report) and Ferrari N.V. (RACE - Free Report) , all of which sport a Zacks Rank #1.
Geely is engaged in automobile manufacturing and related areas. The Zacks Consensus Estimates for GELYY’s 2023 sales and earnings imply year-over-year growth of around 57.5% and 7.4%, respectively.
BYD is engaged in the research, development, manufacture and distribution of automobiles, secondary rechargeable batteries and mobile phone components. The Zacks Consensus Estimate for BYDDY’s 2023 sales implies year-over-year growth of around 175%.
Ferrari is engaged in designing, manufacturing and selling sports cars. The Zacks Consensus Estimates for RACE’s 2023 sales and earnings imply year-over-year growth of around 14% and 19.8%, respectively.
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Tesla (TSLA) Slashes Price Across the Entire Lineup in US
Tesla (TSLA - Free Report) announced another round of price cuts for its entire U.S. lineup on Apr 6. The price cut ranges between 2% and 6%. As per InsideEVs, the base variant of Model X and Model S have gone through the most significant price cut of $5,000.
Per Tesla’s website, Model Y’s base variant is priced at $49,990. Model Y Long Range will now cost $52,990, while Model Y Performance will now cost $56,990 after a massive price cut of $2,000 each. All new Model Y vehicles qualify for a federal tax credit for eligible buyers.
According to the company’s website, Model 3 RWD will now cost $41,990, while Model 3 Performance will cost $52,990. Starting from Apr 18, based on new IRS guidance, the tax credit on Model 3 RWD will reduce to $3,750.
The base Model S will now cost $84,990, while Model X will cost $94,990.
In 2022, Tesla made a total of 1.3 million deliveries. In January 2023, Elon Musk estimated that the number of deliveries could touch the 2 million mark in the current year. The price cuts are most likely aimed at reaching the 2 million deliveries target set by the company.
In February, Tesla increased the price of the Model Y performance crossover twice by $1,000. However, it slashed the price of its cheapest rear-wheel-drive Model 3 sedan by $500 to make it 9% cheaper.
On Apr 9, Tesla CEO Elon Musk tweeted about “opening Megapack factory in Shanghai to supplement output of Megapack factory in California.” According to Bloomberg, the construction of the Megapack factory will start in the third quarter of this year, while the production of Megapack will begin in the second quarter of 2024. The factory would be capable of producing 10,000 Megapacks every year.
The Megapack is a container-sized battery that can store enough energy to power an average of 3,600 homes for one hour.
Zacks Rank & Key Picks
TSLA currently carries a Zacks Rank #4 (Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
A few top-ranked players in the auto space are Geely Automobile Holdings Limited (GELYY - Free Report) , BYD Company Limited (BYDDY - Free Report) and Ferrari N.V. (RACE - Free Report) , all of which sport a Zacks Rank #1.
Geely is engaged in automobile manufacturing and related areas. The Zacks Consensus Estimates for GELYY’s 2023 sales and earnings imply year-over-year growth of around 57.5% and 7.4%, respectively.
BYD is engaged in the research, development, manufacture and distribution of automobiles, secondary rechargeable batteries and mobile phone components. The Zacks Consensus Estimate for BYDDY’s 2023 sales implies year-over-year growth of around 175%.
Ferrari is engaged in designing, manufacturing and selling sports cars. The Zacks Consensus Estimates for RACE’s 2023 sales and earnings imply year-over-year growth of around 14% and 19.8%, respectively.