Most Viewed Content:

Toyota responds to continued production cuts in the next 3 months: easing pressure on dealer earnings

In response to the news that "production will continue...

OpenAI Launched Assistants API, Allowing Developers to Customize AI Assistants with One Click

At today's OpenAI's first developer conference, OpenAI launched the...

India’s censorship body gave power to remove pirated Movies from platforms

India’s Ministry of Information and Broadcasting announced that its...

Tesla’s price cut sparks profit concerns, wipes $40.1 billion off market value

Tesla’s stock price fell 6%. Tesla’s first-quarter delivery report had led some investors to worry that the company would need to cut prices further to drive sales, eroding profit margins.

Tesla

After cutting prices by as much as 20% in January, Tesla delivered a record 422,875 vehicles in the first quarter, but that was only 4% higher than the previous quarter. Several analysts said the figures raised questions. There are concerns over whether Tesla will need to cut prices further this year in order to meet CEO Elon Musk’s goal of delivering 2 million vehicles by 2023.

Tesla shares fell 6.12%

“Many investors believe that Tesla’s recent price cuts reflect its structural cost advantage, which could enable the company to buy more,” Bernstein analyst Toni Sacconaghi wrote in a note after the report’s release. Let it put pressure on competitors, get huge volumes, and dominate the EV market. We maintain that price cuts have and will hurt industry profitability (including Tesla), but incumbents have deep pockets and are unlikely to budge .”

As of Monday’s close, Tesla’s stock price fell by US$12.69 to close at US$194.77, a drop of 6.12%. The market value evaporated by US$40.1 billion (about 275.8 billion yuan), leaving US$616.3 billion.

Latest

Oppo Find X7 is expected to launch white edition, purple edition will be discontinued

The OPPO Find X7 standard version phone was released...

Tecno Phantom V2 Fold/Flip exposed, with Dimensity 9000+/ Dimensity 8020 SoC

Tecno’s first foldable screen phone Phantom V Fold was...

Store Expects Huawei’s Pura 70 Series Phones by Month End, Possibly April 18

According to the "Blue Whale News" of the Financial...

2024 NIO ET7 official images released: Six major categories of upgrades

Recently, NIO Automobile released the official picture of the...

Newsletter

Don't miss

Oppo Find X7 is expected to launch white edition, purple edition will be discontinued

The OPPO Find X7 standard version phone was released...

Tecno Phantom V2 Fold/Flip exposed, with Dimensity 9000+/ Dimensity 8020 SoC

Tecno’s first foldable screen phone Phantom V Fold was...

Store Expects Huawei’s Pura 70 Series Phones by Month End, Possibly April 18

According to the "Blue Whale News" of the Financial...

2024 NIO ET7 official images released: Six major categories of upgrades

Recently, NIO Automobile released the official picture of the...

Spy Photos of the Next-Gen BMW X3 Exposed, H1 Release Expected

Recently, BMW officially released test spy photos of the...
James Lopez
James Lopezhttps://www.techgoing.com
James Lopez joined Techgoing as Senior News Editor in 2022. He's been a tech blogger since before the word was invented, and will never log off.

Skoda pure electric 7-seat SUV patent map exposed, release in 2026

Recently, overseas media exposed a set of patent images of Skoda's new pure electric 7-seat SUV. This car is expected to be officially released...

New Acura MDX official images released, configurations greatly improved

Recently, the official picture of the new Acura MDX was officially released. As a mid-term facelift model, the new car has been significantly upgraded...

Apple Patent Approved: Exploring Cylindrical MEMS Speakers in iPhones/iPads

According to a list recently announced by the United States Trademark and Patent Office (USPTO), Apple has obtained a patent for a cylindrical microelectromechanical...