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KEY TAKEAWAYS
- Tesla shares fell after lowering prices on its Model 3 and Model Y vehicles in the U.S. to boost demand.
- The latest round of price cuts comes after Tesla reported lower third-quarter deliveries than expected due to planned downtime at its factories.
- Tesla has been steadily reducing prices to stimulate demand and defend its market share.
Tesla (TSLA) shares lost ground in early trading on Friday after it slashed prices on its Model 3 and Model Y vehicles in the U.S. to boost demand.
The EV maker cut prices by about 2.7% to 4.2%, lowering the cost of its Model 3 rear-wheel drive to $38,990 from $40,240. The Model Y Performance SUV now starts at $52,490, down from $54,490.
The latest round of price cuts comes after Tesla reported lower third-quarter deliveries than expected due to planned downtime at its factories, with upgrades to its plants in preparation for the redesigned Model 3 sedan and the Cybertruck contributing to production interruptions. Tesla delivered 435,059 electric vehicles in the third quarter, down from 466,140 in the previous quarter.
Tesla shares were 2.4% lower in early trading as of 9:36 a.m. ET on Friday following the news, though they were still up over 130% year-to-date.
