Elon Musk has increased the cut to $US7500 for the Model 3 and Model Y. The company’s shares also hit a two-year low on a new crash investigation announcement.
| Tesla is offering rare discounts until the end of the year on its two top-selling models, an indication that demand is slowing for its electric vehicles.
“This is a sign of demand cracks and not a good sign for Tesla heading into the December year-end,” Wedbush analyst Dan Ives said in an email. “EV competition is increasing across the board, and Tesla is seeing some demand headwinds.” In a regulatory quirk, many vehicles such as Teslas that are made in North America probably will be eligible for the full $US7500 tax credit from January into March because the Treasury Department is still working on rules requiring battery minerals and parts to come from North America. It is likely that most of the vehicles will be eligible for only half the credit once the rules come out in March.
Mr Musk predicted 50 per cent annual production and delivery growth, but also pointed to logistical problems shipping vehicles.To reach the 50 per cent sales growth target, Tesla must have a stellar performance in the fourth quarter.
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