Tesla’s Big Price Cut

The Journal.

The Wall Street Journal

News, Daily News, Business News

4.2 • 5.8K Ratings

🗓️ 24 January 2023

⏱️ 16 minutes

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Summary

Tesla cut prices for some of its vehicles sold in the U.S. by nearly 20% earlier this month. WSJ’s Nora Eckert on what’s behind the price drop and what it means for the EV market. Further Reading: -Tesla’s Price Cuts Are Roiling the Car Market -What if Tesla Is…Just a Car Company? Further Listening: -GM’s All-Electric Bet -Will Americans Buy an Electric Truck? Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Earlier this month, Tesla did something really unexpected.
0:09.6	It cut its prices.
0:11.4	It wasn't just a minor price cut, which I think some people were perhaps anticipating.
0:16.4	It was tremendous.
0:17.5	That's our call Ignora Eckert, who covers the auto industry.
0:20.8	They were slashing prices as much as 20% across their most popular models.
0:26.1	The company dropped the price of its top-selling model Y by about $13,000 from around $66,000
0:33.5	down to $53,000.
0:35.5	This is a move that you sometimes see for automakers.
0:38.6	When they need to boost demand for their vehicles, they'll bring the price down.
0:43.1	But a 20% price cut on some of your most popular models is really shocking.
0:49.0	Especially for Tesla, I think, because they've had such a run of increasing prices on their
0:54.2	vehicles over the last year or so.
0:56.9	How big of a deal is it that Tesla dropped its prices?
1:00.0	It's a huge deal.
1:01.4	It's a huge deal for customers and for the broader automotive industry.
1:05.1	I mean, it's really upended the market.
1:09.6	Welcome to the journal, our show about money, business, and power.
1:13.4	I'm Ryan Knutzen.
1:14.9	It's Tuesday, January 24th.
1:22.5	Looking up on the show, Tesla's big price cuts.
1:25.9	And what it says about the electric vehicle market.
	...

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