Business: Tesla slashes car prices (1/17/23)

A Tesla charging station is located near the diverging diamond interchange between Cape Girardeau and Jackson. Tesla announced last week it will cut the cost of its electronic vehicles by as much as 20%.

Jeff Long

Tesla, arguably the most recognized name in the electronic vehicle market, announced Thursday, Jan. 12, it will slash the price of its cars between 6% to nearly 20%, amid falling sales and recessionary fears.

The news service Reuters said Tesla’s basic Model Y now costs $52,990, a sharp 19.7% decline from its previous price tag of $65,990.

Tesla’s cost drop adds to savings U.S. customers will receive from a $7,500 federal tax credit for EVs that went into effect Jan. 1.

California-headquartered Tesla was launched 20 years ago.

Business magnate and investor Elon Musk became Tesla’s largest shareholder in 2004.

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