Tesla Tumbles After Price Cuts, Other EV Manufacturers In Focu• https://www.zerohedge.com by Tyler Durden
TSLA just broke below $200 for the first time since June 2021...
EV names like Lucid, Rivian, Fisker, and Workhorse will all be on watch heading into the cash session.
Tesla slashed the price of its Model 3 and Model Y to 265,900 Chinese yuan ($36,615) from 279,900 yuan and to 288,900 yuan versus the previous price of 316,900 yuan, CNBC reported Monday morning.
"China is experiencing a recession of sorts," CEO Musk had said last week. The cuts offset price hikes that took place earlier in the year, which came as a result of higher input costs.
Recall, CEO Elon Musk said on his company's conference call last week that the company is pushing forward with production despite the current macroeconomic climate.
Musk said: "To be frank, we're very pedal to the metal come rain or shine. We are not reducing our production in any meaningful way, recession or not recession."
He continued: "The public at large realizes that world's moving towards electric vehicles, and it's foolish to buy a new gasoline car at this point because the residual value of that gasoline car is going to be very low. So, we're in a very good spot."