Tesla cuts prices in China amid slump in deliveries
Shares of Tesla stock dropped about 2.9% on Thursday
Tesla stocks fall due to China EV demand, Musk's Twitter 'distraction': R 'Ray' Wang
Constellation Research founder R 'Ray' Wang discusses the performance of Tesla's stocks as they head for record lows and provides an outlook for tech stocks.
Tesla trimmed prices on Thursday for its Model 3 and Model Y vehicles in China, the world's largest market for cars.
The cut comes after disappointing sales numbers came out on Thursday, with the electric vehicle pioneer delivering a five-month low 55,796 cars in China in December, a 44% decease from the month before, according to the China Passenger Car Association.
A man wearing a face mask walks by Tesla Model 3 sedans and Tesla Model X sport utility vehicle at a new Tesla showroom in Shanghai, China. (REUTERS/Yilei Sun / Reuters Photos)
The Model 3, Tesla's least expensive vehicle, now costs about $33,427 in China, down from about $38,704, according to the company's website. The price of the Model Y was lowered to $37,830, down from about $42,051.
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Tesla stock has taken a beating over the last year, down about 72% from its peak in November 2021. Shares closed down 2.9% on Thursday.
Visitors check a China-made Tesla Model Y sport utility vehicle at the electric vehicle maker's showroom in Beijing, China. (REUTERS/Tingshu Wang/File Photo / Reuters Photos)
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Worldwide, Tesla delivered 405,000 vehicles in the fourth quarter, about 13,000 short of consensus forecasts of 418,000.
Reuters contributed to this report.