Yahoo Finance UK reporter Pedro Goncalves has the latest:
Shares in Elon Musk’s EV maker were almost 4% higher in premarket trading as the company drops prices in an attempt to clear out its biggest ever inventory stockpile.
Tesla (TSLA) is cutting rear-wheel-drive Model Y prices by $4,600 (£3,643). The Model Y Long Range and Model Y Performance will see $5,000 price cuts, according to Bloomberg.
Tesla is offering the deals after producing 46,561 more vehicles than it delivered in the first quarter, adding more cars to inventory than ever before.
Last quarter, Tesla posted its first annual sales decline since the pandemic — a drop that was significantly worse than expected. The company blamed a weak Chinese economy, arson at its German factory and supply constraints because of escalating conflict in the Middle East.
The stock has dropped 31% this year, the second-worst showing on the S&P 500 Index (^GSPC).
