- Electric vehicle maker Tesla (TSLA) will release its latest earnings following the close of trading Wednesday
- The Texas-based reduced the prices of its Model Y EVs by US$3,000 in the United States ahead of the earnings report
- This comes after previous price cuts earlier this year
- In early April, the company reported it produced 440,000 vehicles and delivered over 422,000 in the first quarter of the year
- Tesla Inc. (NASDAQ:TSLA) is down 0.91 percent, trading at US$182.63 at 1:07 p.m. ET
Electric vehicle maker Tesla (TSLA) will release its latest earnings following the close of trading Wednesday.
The EV maker also continued a trend, once again reduce the price of several of its models ahead of the announcement.
The Texas-based reduced the prices of its Model Y EVs by US$3,000 in the United States.
In early April, the company reported it produced 440,000 vehicles and delivered over 422,000 in the first quarter of the year.
Those numbers equate to an approximate 4-percent delivery increase on a quarter-by-quarter basis, but fall below a more than 17-percent increase it saw in the final quarter of last year.
Tesla previously cut prices of its Model S and Model Y in January, followed by price reductions to its Model S and Model X last month, and again in April.
That makes a total of six price cuts so far this year in the United States.
Tesla also recently cut sticker prices in Europe, Israel, Singapore, Japan, South Korea and Australia. All the moves were made to spur demand.
Some analysts see it as an attempt to keep up with growing popularity of Chinese electric vehicle makers, like Xpeng, Nio and Li Auto.
Tesla’s stock dipped slightly mid-day Wednesday, but is still up close to 70 percent so far this calendar year.
The White House has announced several financial rebates to incentivize Americans to purchase electric vehicles. Those rebates only apply to vehicles in a certain price range.
Tesla’s price cuts brings its electric vehicles more in to the range of U.S. EV rebates being offered by the federal government.
Tesla Inc. (NASDAQ:TSLA) is down 0.91 percent, trading at US$182.63 at 1:07 p.m. ET.