Recently electric vehicle maker Tesla Inc (TSLA) slashed the prices of two of its popular models. Although no reason was given, it is safe to assume that the drop in price was due to a decrease in global demand as well as the increase in competition from other EV makers. Although Tesla dominated the market for years, it is now facing lower sales as other electric vehicles are gaining in popularity as many of them are more reasonably priced, while offering similar features.
The price cut has not gone down well with the market as well as with some customers. Tesla shares fell as investors thought that the profits would decrease with the offer of lower prices. The EV maker has seen its share price fall through the year and its billionaire CEO Elon Musk lost his position of being the richest man in the world, as its share price fell.
When Tesla began producing electric vehicles, it was a niche market seller. However, sales of electric vehicles are becoming more common due to various factors including climate change, legislation, easier availability and more.
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Some customers are extremely upset with Tesla as they had bought their electric cars days or weeks before the price cut which is about 10 to 13 percent in the U.K. and almost 20 percent in the U.S. The company said that cars booked before the announcement of the price cut but delivered after it would get the discount.
Tesla had also announced a couple of price cuts in China and its customers in the country had also been disappointed as many of them also lost the discount by days or weeks.
The price cut is also an indication that Tesla is ready to take on its rivals in the electric vehicle manufacturing segment as the pie (electric vehicle market) remains the same or is diminishing due to fall in demand due to the global economic slowdown. However, the number of manufacturers vying for a slice of the pie (electric vehicle market) is increasing.
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