Jan 26, 2023
Musk: Tesla price cuts boost sales despite weak economy
Tesla is gearing up for a challenging 2023, after cutting prices to spur demand. He said the price cuts are working to bring in buyers, with orders this month so far outpacing production. The price of the firm's shares tumbled by nearly two-thirds last year, amid concerns that the company was losing its edge, while Mr Musk was increasingly distracted by his $44bn purchase of Twitter. Amid the questions, Tesla announced a series of major price cuts in recent weeks, running as high as 20% on some models in the US. "For the first time, I would say maybe ever, you know, there have been demand issues," said George Gianarikas, managing director of Cannacord Genuity. "Now, we're waiting to see what the gross margin impact of that price reduction is, what the demand impact of that price reduction is, and how the company is kind of dedicated to sailing the turbulent seas that we've seen from a macroeconomic perspective."
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