Tesla falls 8% to new multiyear lows after the company slashed the price for its electric vehicles in China again
The company discounted its cars by up to 14% for its Model 3 and Model Y, which are its two most popular vehicles. Prices for the more expensive Model S Plaid and Model X Plaid also came down.
This marks the second time in less than three months that Tesla lowered prices for Chinese buyers afterThe latest cuts come as investors grow concerned that the company is facing a broader shortfall in demand as the US economy starts to slow down due to high interest rates and inflation. High rates certainly have not helped Tesla in the past year, as they make monthly payments more expensive for prospective buyers who utilize financing to complete their purchase. That's likely a big reason why CEO Elon Musk hasFriday's brief decline in Tesla sent the stock to its lowest level since August 12, 2020, trading just above the all important psychological level of $100 per share.
At its low on Friday, Tesla was 75% below its record high reached in November 2021. Since then, Tesla has erased nearly $900 billion in market value amid investor concerns about
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