Wall Street reacted nervously on Friday to Tesla Inc's move to shut its net...
- Wall Street reacted nervously on Friday to Tesla Inc’s move to shut its network of high-end showrooms and launch a long-awaited cheaper version of its Model 3 sedan, as shares fell 8 percent and most analysts expressed concern over the company’s long-term margins.
In Thursday’s announcement, Elon Musk-led Tesla said prices on all of its cars would be lowered by up to 6 percent. It was the third cut this year for the Model 3 after a $2,000 price-cut in January and a $1,100 reduction last month. Tesla said it now expects to record a loss in the first quarter. In January it had said it was “optimistic” about being profitable in every quarter of 2019.
Since unveiling the Model 3 in 2016, Musk has been promising a $35,000 version. A lower-priced Model 3 is seen critical to its long-term viability as it needs to reach more customers who can afford the vehicles to offset slowing sales of costlier sedans.
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