News Summary

• Indeed, this January has seen the worst start for any year since Tesla has been publicly traded.Elon Musk’s EV giant began lowering prices last year in an effort to stay ahead in a slowing market full of new competitors..
• Musk said in a subsequent earnings call that with interest rates remaining high, Tesla will need to keep cutting prices in order to keep monthly payments low enough to be attractive to consumers..
• Last year, American carmakers scrambled to catch up to market leader Tesla, spending billions on new EV lines..
• As EV demand cools, Elon Musk has stayed ahead of the field by cutting prices for Tesla’s flagship cars and sacrificing profitability to boost demand..
• So far, though, it hasn’t budged on the sticker price for its electric Dodge and Jeep vehicles.“When you do that, things become very difficult in the future,” said Tavares.Representatives from Tesla and Stellantis could not be immediately reached for comment..
• It reduced the price of its Model Y SUV by over $5,000 for some European buyers this week, after recently doing the same in China.Stellantis announced earlier this month that it will reduce its operating costs by closing factories and laying off about 1,350 workers..