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Home»Finance»Tesla Quietly Increases U.S. EV Discounts; Elon Musk Doesn’t Unveil New Model 3
Finance

Tesla Quietly Increases U.S. EV Discounts; Elon Musk Doesn’t Unveil New Model 3

June 1, 2023No Comments4 Mins Read
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Tesla Quietly Increases U.S. EV Discounts; Elon Musk Doesn't Unveil New Model 3
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Tesla (TSLA) has once again whittled away its prices on U.S. inventory vehicles to entice consumers, with some discounts for Model 3 vehicles doubling late Wednesday. TSLA shook off early losses and jumped Thursday moving above a buy point.




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The global EV company is now offering discounts of up to around $2,680 on rear-wheel-drive Model 3 new inventory vehicles in the U.S. The new deal is double the $1,300 discount Tesla began offering almost two weeks ago.

A base rear-wheel-trim Model 3 in the U.S. currently has a starting price of $37,830, according to Tesla’s website. Tesla also resumed a $600 discount on some Model Y options Wednesday.

Tesla stock fell early before advancing 2.2% to 208.36 Thursday during market trade. Shares reversed higher Wednesday on the possibility Tesla would unveil an upgraded Model 3 at its Shanghai plant.

The Tesla Discount Strategy

Tesla has recently tried to work through its supply of unsold vehicles, offering deals on its U.S. Model 3 lineup. Calling the moves “inventory discounts,” Tesla contends they are not official price cuts. However, the moves point to surplus in unsold vehicles, and the effect on profit margins is the same.

On May 19, TSLA started offering discounts of around $1,300 on new rear-wheel drive Model 3 inventory in the U.S. The EV company extended discounts of up to around $2,800 for some all-wheel-drive Model 3 vehicles. However, the vast majority of AWD Model 3 cars had discounts of $250.

This comes after Tesla reported a big first-quarter earnings decline while revenue missed views. Profit margins for the global EV giant also fell below 20% as the company executed an aggressive price-slashing strategy in the first part of 2023.

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The EV company’s total gross profit came in at $4.5 billion, with Tesla’s profit gross margin at 19.3%, down from 23.8% in the fourth quarter and 29.1% a year earlier. Auto gross margins, excluding regulatory credits and leases, skidded to 18.3% from 23.8% in the fourth quarter. That remains below the 20% gross margin “floor” Tesla previously targeted.

Musk told TSLA shareholders the company has been cutting vehicle prices to match demand in 2023.

“It’s pretty straightforward,” Musk said during the annual meeting on May 16. “We see what the demand is and then we adjust pricing to meet the demand.”

The Tesla chief added that other automakers change prices through dealerships and that cars rarely sell for the Manufacturer’s Suggested Retail Price (MSRP). Musk also said it is more evident when Tesla changes prices compared to its competitors because it doesn’t have dealerships.

“Every car company does this all the time. Tesla is no exception,” Musk said. “That’s the actual reality.”

Tesla Stock

TSLA shares shook off early losses Wednesday and rose 1.4% to 203.98, holding above the 200-day line, on rumors Musk would show off a new Model 3 vehicle in China. But that did not happen during his Tesla Shanghai plant tour Thursday.

Shares jumped 7.2% last week and popped 4.1% on Tuesday, moving above the 200-day line for the first time since September. TSLA  advanced more than 24% in May and has surged 100% from a January low.

The stock has formed a cup base with a 207.89 buy point. The pattern could also be read as a double-bottom base, but the buy point remains the same. The base, until this week, formed below the 200-day, which is not ideal. But the 200-day line is now below the 200 level and below the buy point.

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The stock ranks seventh in IBD’s automaker industry group. TSLA has a 75 Composite Rating out of 99. The stock has a 39 Relative Strength Rating. The EPS Rating for Tesla stock is 93 out of 99.

Please follow Kit Norton on Twitter @KitNorton for more coverage.

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