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Should You Follow Buffett Into Energy Stocks?

Should You Follow Buffett Into Energy Stocks?

Buffett has lately been doubling…

Tesla Slashes Prices In North America To Stimulate Sales

Tesla is cutting the prices of its vehicles in North America to spur demand for electric cars now that the two-month-long lockdowns are starting to ease, Reuters reported on Wednesday, citing the starting prices for Tesla’s models on its website.

The prices for Tesla’s vehicles are down by around 6 percent for North America, while the electric vehicle maker has also reduced the price of Model S and Model X in China by around 4 percent. The price of China-made Model 3 remains unchanged, according to Tesla China as quoted by Reuters.

In North America, the price for a Tesla Model S now begins at US$74,990, down from US$79,990 previously. The starting price for Model X is down to US$79,990 from US$84,990, while Model 3 prices begin at US$37,990, down by US$2,000.

The COVID-19 pandemic and the lockdowns have crashed passenger car sales around the world. New car sales in major European markets, for example, plunged by more than 90 percent in April.

In the UK, where total new car sales plunged by 97.3 percent year on year to the lowest level since 1946, Tesla Model 3 was the best-selling car last month.

In the United States, the picture in April was not as bleak as it was in Europe, although many automakers reported sales at their lowest levels in decades. Dealers and executives hope that prospective buyers will return once they emerge from the lockdowns, the Wall Street Journal reported in early May.

Earlier this month, Tesla reopened its factory in Fremont, California, in violation of a shutdown order issued by the health authorities of Alameda County.  

A couple of days before that, Musk had said that Tesla would move its headquarters to Texas or Nevada after the Alameda County Health Department told the EV maker that it could not reopen yet as the lockdown measures continue longer than expected.   

By Tsvetana Paraskova for Oilprice.com

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