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Tesla's massive price cuts in U.S. and Europe send shares lower on demand concerns

By Senad Karaahmetovic Electric vehicle (EV) titan Tesla (NASDAQ:TSLA) announced fresh price cuts in the United States and across Europe in a potential bid to stimulate...
Tesla's massive price cuts in U.S. and Europe send shares lower on demand concerns © Reuters Tesla's (TSLA) massive price cuts in US and Europe send shares lower on demand concerns
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By Senad Karaahmetovic

Electric vehicle (EV) titan Tesla (NASDAQ:TSLA) announced fresh price cuts in the United States and across Europe in a potential bid to stimulate demand.

Tesla Model 3 prices fell between 6% and 14% in the U.S. while the price of the Model Y fell by nearly 20%. In Europe, Tesla cut prices for Model 3 and Model Y in several major markets, including France, Germany, and the U.K.

Tesla’s Model 3 was the best-selling EV in Germany last month with prices now slashed up to 17%, depending on the configuration.

In response to price cuts, Tesla shares are trading about 4% lower in pre-market Friday on concerns the EV titan is experiencing weakening demand. Several analysts slashed their stock targets recently, highlighting a slowdown in demand amid a challenging macro environment.

However, some of these price cuts in the U.S. may help Tesla qualify for more federal EV tax credits. On the other hand, such drastic price cuts may upset its customers who agreed to buy new EVs at a higher price in recent weeks. Similarly, investors are worried that lowered prices may impact Tesla’s margins.

Tesla Germany spokesperson told Reuters that the price cuts are a result of Tesla wanting its cars to be more accessible.

"At the end of a turbulent year with interruptions to the supply chain, we have achieved a partial normalisation of cost inflation, which gives us the confidence to pass this relief onto our customers," a spokesperson said.

Citi analysts lowered their Tesla stock price to $140 per share to reflect lower estimates.

"We now model 2023E vehicle deliveries +40% YoY (vs. +53% prior). Our gross margin bridge reflects incremental margin on higher volume and a modestly lower COGS/unit, offset by lower ASPs and higher D&A. We acknowledge a fair amount of debate and low visibility on the ‘23 gross margin bridge, where we believe an injection of visibility alone could aid sentiment. Our latest Q4E EPS is slightly ahead of consensus but 2023E is modestly below," the analysts wrote in a client note.

Tesla stock price closed at $123.56 yesterday.

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EUR/USD

1.0793

+0.0006 (+0.06%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (5)

EUR/USD

1.0793

+0.0006 (+0.06%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

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GBP/USD

1.2624

+0.0002 (+0.02%)

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Moving Avg:

Buy (6)

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Sell (6)

USD/JPY

151.38

0.01 (0.00%)

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↑ Buy

Moving Avg:

Buy (12)

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Buy (5)

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AUD/USD

0.6522

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USD/CAD

1.3543

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EUR/JPY

163.37

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14.582

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    EUR/USD 1.0793 Sell  
    GBP/USD 1.2624 Sell  
    USD/JPY 151.38 ↑ Buy  
    AUD/USD 0.6522 Sell  
    USD/CAD 1.3543 Buy  
    EUR/JPY 163.37 ↑ Sell  
    EUR/CHF 0.9738 ↑ Buy  
    Gold 2,254.80 Buy  
    Silver 25.100 ↑ Buy  
    Copper 4.0115 ↑ Buy  
    Crude Oil WTI 83.11 ↑ Buy  
    Brent Oil 86.99 Neutral  
    Natural Gas 1.752 ↑ Sell  
    US Coffee C 188.53 ↑ Sell  
    Euro Stoxx 50 5,082.85 ↑ Sell  
    S&P 500 5,254.35 ↑ Sell  
    DAX 18,504.51 ↑ Buy  
    FTSE 100 7,952.62 ↑ Sell  
    Hang Seng 16,541.42 Neutral  
    Small Cap 2000 2,120.15 Neutral  
    IBEX 35 11,074.60 ↑ Sell  
    BASF 52.930 ↑ Buy  
    Bayer 28.43 Buy  
    Allianz 277.80 ↑ Buy  
    Adidas 207.00 ↑ Buy  
    Lufthansa 7.281 ↑ Sell  
    Siemens AG 176.96 ↑ Buy  
    Deutsche Bank AG 14.582 ↑ Buy  
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# So hôm qua # Chênh TG
SJC Eximbank7,910/ 8,080
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