Tesla has reduced the prices of its Model 3 and Model Y vehicles in the United States, as the company has repeatedly done in recent months. Additional cutbacks are causing investors anxiety. The stock of the manufacturer of electric vehicles falls in Friday trading.
According to its website, Tesla (ticker: TSLA) reduced the price of its Model 3 rear-wheel drive from $40,240 to $38,990. The Model 3 long-range and performance models are now priced at $45,990 and $50,990, respectively.
The Model Y long-range vehicle’s price was reduced from $50,490 to $48,490. The Model Y performance vehicle’s price was reduced to $52,490.
Tesla stock was down more than 3% in early trading, but just after 1 p.m. was up 0.1%, while the S&P 500 SPX
1.18 percent and Nasdaq Composite
The increases for 1.60 percent are 1.2% and 1.5%, respectively.
The pricing cuts follow Tesla’s announcement that it delivered approximately 435,000 vehicles in the third quarter, missing the consensus estimate of 455,000 vehicles. (According to FactSet, the consensus estimate at the beginning of the third quarter was approximately 473,000 units.) The shortfall was caused in part by facility shutdowns for factory upgrades.
