Proactive Investors - Tesla Inc (NASDAQ:TSLA) has once again lowered prices of its Models 3 and Y ahead of its first-quarter earnings report due after market close on Wednesday
The electric vehicle maker cut the price of its Standard Range RWD from $41,990 to $39,990, and its Model Y AWD from $49,990 to $46,990.
The Long Range model was reduced from $52,990 to $49,990, and Performance from $56,990 to $53,990.
The price cuts – Tesla’s sixth of 2023 – signal that CEO Elon Musk could be willing to sacrifice profits in order to boost demand.
Tesla is expected to report adjusted net income of just under $3 billion or $0.85 per share — $1 billion less than last quarter and $700 million less than the year-ago quarter when its earnings per share came in at $3.22.
All eyes will be on Tesla’s numbers this afternoon, TickMill Group’s market analyst James Harte said.
“Headed by the most divisive man in Tech, Tesla continues to be a major draw for retail traders and given the volatility we saw around the prior quarter’s earnings release, traders will be looking for similar action today,” Harte wrote.
Tesla shares were down around 2.8% in premarket trade on Wednesday in New York.