After cutting U.S. vehicle prices four times this year, Tesla raised them overnight on its slow-selling more expensive models.
Only 10 electric and plug-in hybrid cars will qualify for the full tax credit in the U.S. out of 90 available EV options on the market.
Prices of the company’s top-selling Model Y small SUV and Model 3 small sedan remained the same after being lowered earlier this week. Tesla shares closed Thursday down nearly 10% after CEO Elon Musk said it would sacrifice profit margins in order to boost sales. On Wednesday Tesla reported first-quarter net income that fell 24% from a year ago, and operating profit margins that dropped from 19.2% in the first quarter of last year to 11.4% last quarter.The price increases come at a strange time for Tesla because global sales of the aging Model X large SUV and Model S big sedan fell nearly 38% in the first quarter to 10,695.
Shares in all electric vehicle makers have been under significant pressure this week. Tesla shares are down 12.4% for the week, while startups Rivian, Lucid and Lordstown Motors all lost about 10% of their value. Fisker dropped 14% for the week and Nio fell 12%, while Nikola dropped almost 8%.
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