Tesla Continues Cutting Prices As Competition Heats Up, Profits Decrease
- Tesla earnings miss market estimates and profits fell 24% year over year as the company slashes prices to maintain demand.
- The Biden administration announces rules to increase EV adoption and manufacturing in the US, with only a dozen models still qualifying for tax incentives.
- Competition from Chinese EV makers is increasing as Nio, XPeng, and others target European and eventually US markets.
- Major automakers unveil new EVs for the Chinese market at the Shanghai Auto Show as they work to regain market share.
- Tesla cuts prices for the fourth time this year to make its vehicles more affordable before announcing a 36% sales increase but sliding profits.
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