The actions of Tesla were down 6% in the after-hours market, after the company reported a 24% year-over-year drop in earnings for the quarter. first quarter of 2023 for the final price reduction strategy for its electric vehicles.
Around 6:30 in the afternoon (central Mexico time), the titles of Tesla they lost 6.02% in the nasdaqeach trading at $169.72.
In the period January-February 2023, the electric car manufacturer The world’s largest had a net income of 2,513 million dollars, compared to 3,318 million dollars the previous year, according to its latest quarterly report.
“Although we implemented price reductions on many vehicle models in all regions during the first quarter, our operating margins fell at a manageable pace,” he said. Tesla in a presentation to its investors on the results of the first quarter of the year.
Tesla has reduced the final prices of some of its EV models in the United States by up to 25%, in a strategy that seeks, on the one hand, to stimulate demand, but also to make its cars eligible to receive tax credits granted by the US government.
President Joe Biden’s Reduction of Inflation Act, passed by the US Congress in August 2022, established $7,500 tax incentives for buyers of certain EV models, with the goal of making these vehicles more affordable for consumers from that country.
However, many of the cars of Tesla They were not eligible to receive the stimulus because their price was above the cap established in the legislation, so Tesla embarked on a price reduction strategy in recent months.
Tesla He said he expects the price of his EVs to continue to move up or down, “depending on a number of factors.”
The company’s sales amounted to 23.329 million dollars in the first quarter of 2023, a year-on-year increase of 24 percent.
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