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Elon Musk Says Tesla Will Try Advertising

17May

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Technology

Elon Musk Says Tesla Will Try Advertising

[ad_1] Tesla Inc. Chief Executive Officer Elon Musk said the electric-car maker will dabble in advertisements, a major departure for the 20-year-old company. “We'll try a little advertising and see how it goes,” Musk said Tuesday at Tesla's annual shareholder meeting in response to an investor's question. Tesla has long prided itself on word-of-mouth among its fan base to market its vehicles. It has built a formidable brand without paying for traditional advertising on television, radio or in newspapers or magazines. Musk said in a subsequent interview with CNBC that paying for ads could be a way to expand beyond its existing user base as the company grows. “It's worth a try and we'll see how effective it is,” he said. “I only just agreed to it so it's not a fully formed strategy.” Mu...

14May

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Technology

Why Tesla keeps changing its prices

[ad_1] Tesla Inc. has done seemingly nonstop tinkering with its prices this year, moving them lower in dramatic fashion only to occasionally bump them back up. What gives? Chief Executive Officer Elon Musk has said he's willing to prioritize growth over profits, a stance that has made some investors wary and irked more than a few customers who bought before the discounts. There are a number of factors at play here, and a lack of consensus as to whether it all amounts to disruption or desperation. Here's what you need to know: Tesla has a floating-price strategyFor years, Tesla's cheapest car closely tracked the average amount US consumers were paying for new vehicles. Only $300 or so separated the starting price of the Model 3 and the industry's average transaction price. When the sed...

Tesla cuts prices on all models, 3rd cut this year

8Apr

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Technology

Tesla cuts prices on all models, 3rd cut this year

[ad_1] Tesla cut prices on its entire U.S. electric vehicle model lineup for the third time this year in an apparent effort to lure more buyers amid rising interest rates.The largest of the cuts that appeared Friday on Tesla's website were $5,000 per vehicle for the company's slower-selling more expensive models, the S large sedan and the X big SUV. The company lopped $2,000 off the price of the Y small SUV, its most popular model, and added a lower-cost dual-motor version priced at $49,990. The 3 small sedan saw a $1,000 price cut. The moves come as Tesla's first-quarter sales grew 36% but fell short of analysts' expectations. The company said Sunday that it delivered a quarterly record of 422,875 vehicles worldwide from January to March, up from just over 310,000 a year ago. But the i...

Tesla Slashes Model S and X Prices for the Second Time This Year

7Mar

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Technology

Tesla Slashes Model S and X Prices for the Second Time This Year

[ad_1] Tesla Inc. reduced prices of its more expensive models again, days after Elon Musk said cuts earlier this year had piqued interest in the company's electric vehicles.The company lowered prices of the higher-performance Plaid versions of each vehicle by 4.3% and 8.3%. At $109,990, Plaid iterations of the S and X now cost $26,000 and $29,000 less than they did in early January. Musk said last week that desire to own Teslas was “indistinguishable from infinite,” and that demand will “go crazy” as the company makes its cars more affordable. Reducing prices of S and the X models again suggests those vehicles may have gotten less of a boost from cuts the company made across its lineup seven weeks ago.“We found that even small changes in the price have a big effect on demand, very big,...

Tesla’s $310 Billion Surge Sets High Bar for Elon Musk’s Master Plan

2Mar

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Technology

Tesla’s $310 Billion Surge Sets High Bar for Elon Musk’s Master Plan

[ad_1] Tesla's stock tends to do well when the electric-car maker is growing like gangbusters and Elon Musk is thrilling fans about a brighter future. The chief executive officer has shaken off a forgettable 2022 of slower expansion and Twitter diversion by slashing prices and scheduling another showcase of Tesla's outlook for the next few years. The moves have worked, at least for the time being. Demand picked back up after Tesla discounted models across its lineup by as much as 20%, and the Musk faithful are frenzied about the master plan he'll deliver Wednesday at the company's factory in Austin, Texas. Tesla shares have soared from the two-year low they plumbed in early January, adding roughly $310 billion of market value and returning Musk to the top of the Bloomberg Billiona...

Ford Slashes Electric Mustang’s Price in Response to Tesla

31Jan

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Technology

Ford Slashes Electric Mustang’s Price in Response to Tesla

[ad_1] Ford Motor Co. is slashing the price of its electric Mustang Mach-E by an average of $4,500 in response to Tesla Inc.’s own recent cuts, stepping up the price wars in a slowing EV market. Ford Motor Co. is slashing the price of its electric Mustang Mach-E by an average of $4,500 in response to Tesla Inc.'s own recent cuts, stepping up the price wars in a slowing EV market. The discount comes on a model that Ford has already described as unprofitable, but the automaker said it hopes to offset further margin deterioration by boosting production 67% this year. The move, along with discounted financing rates as low as 5.3% on the Mach-E, is meant to counter Tesla's decision to cut prices across its lineup by as much as 20%. It also brings the Mach-E in line with new caps on EV...

Tesla’s Brutal Year Brings $17 Billion Windfall for Shorts

30Dec

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Technology

Tesla’s Brutal Year Brings $17 Billion Windfall for Shorts

[ad_1] After years of stinging losses, investors betting against Tesla Inc. are finally reaping the windfall they’ve been expecting. After years of stinging losses, investors betting against Tesla Inc. are finally reaping the windfall they've been expecting. With Chief Executive Officer Elon Musk — and some of his top lieutenants — distracted by his Twitter foray and demand for Tesla's electric vehicles cooling, the stock is careening toward its worst annual slump on record. This is handing short sellers, or bearish investors who are wagering that the stock will decline, mark-to-market profits of about $17 billion, making Tesla the most profitable short trade of the year, data from S3 Partners shows. Tesla has tumbled more than 40% in December alone, extending its decline to abou...

Tesla Cuts China Prices, Partly Reversing Previous Increases

24Oct

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Technology

Tesla Cuts China Prices, Partly Reversing Previous Increases

[ad_1] Tesla Inc. cut the price of its cars in China by about 5% as it ramps up production at its Shanghai factory. Tesla Inc. cut the price of its cars in China by about 5% as it ramps up production at its Shanghai factory, partly reversing price hikes imposed earlier this year. The US-based electric vehicle pioneer lowered the price of its locally-built basic Model 3 to 265,900 yuan ($36,774) from 279,900 yuan effective Monday, its website shows. The starting price of a Model Y SUV was cut to 288,900 yuan from 316,900 yuan. The cuts come as Tesla faces hotter competition from local EV makers such as BYD Co., which sold a record 200,973 vehicles last month, and upstarts like Nio Inc. and Xpeng Inc., which are expanding their line-ups. Domestic automakers accounted for almost 80%...