XPEV - Tesla's Aggressive Price Cuts Fisker's Houdini Trunk VinFast's Rise And Fall And More: Biggest EV Stories Of The Week | Benzinga
Shares of electric vehicle makers closed the week ending Sept.1 mostly higher, drawing inspiration from the broader market, which rallied on the back of some soft economic data. EV market leader Tesla, Inc. (NASDAQ:TSLA) experienced some volatility this week as fears of further price cuts weighed down on the stock.
Tesla Takes Down Prices Yet Again, Launches Model 3 Refresh And More: The week saw Tesla discounting prices of inventory Model 3 vehicles in the U.S. and Canada as well as lowering configurator prices of Model S and Model X vehicles in the U.S. The Model S and Model X price cuts were steep, ranging from 15% to 18.8%. This triggered negative reaction from the Tesla community, investors, as well as analysts.
The company has now offered all color options free of cost to customers and pulled the plug on the standard range options of the two EVs. The subscription pricing of the full self-driving software was lowered from $15,000 to $12,000.
Tesla timed the Model S and Model X price cuts in the U.S. to coincide with the launch of the Model 3 refresh in Asia and Europe. Analysts and fans were divided over whether the improved features justified the incremental pricing of the refreshed vehicle.
The stock ended ...