This year's cuts may not be the last for the electric vehicle maker.
Tesla needed to lower prices amid sliding demand this year — and that may not be the end of the cuts going forward, according to Bernstein. Analyst Toni Sacconaghi, a longtime bear on the electric car maker, reiterated his underperform rating on the stock and lowered his fourth-quarter and 2023 estimates, noting that the company needs to further cut prices to boost demand. "Tesla increasingly appears to have a demand issue," he said in a note to clients Wednesday.
will also need to be taken to qualify for rebates from the Inflation Reduction Act. He said there is the potential for the average price to drop to around $50,000 from $53,000 in the U.S. in the third quarter of 2023. A rollout of lower-priced SR Model Y in the U.S. is also be likely, he said. But Sacconaghi also said there are potential variables that could help pare losses from the price cuts.
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