In recent news, Elon Musk announced that Tesla will cut the prices of its Model I by $1,000 by the end of the month. The price reduction is only available on rear-wheel drive and long-wheelbase versions of the Model I in the US, with prices starting at $42,990 and $47,990 respectively. However, this discount is only temporary and prices will return on March 1st.

Tesla’s Model I is its most popular model and accounted for a third of all electric vehicle sales in the US last year. Despite this success, the company faces competition from other electric vehicle makers such as Chinese automaker BID which recently overtook Tesla as the world’s largest seller of electric vehicles. To address this challenge, Tesla is preparing to ramp up production of a more affordable mass-market electric vehicle codenamed “Redwood.”

In his warning to investors, Elon Musk mentioned that 2022 is a crucial year for the company. With efforts to make its cars cheaper and facing threats from competitors, Tesla must navigate through these challenges while maintaining its position as a leader in the electric vehicle industry.

By Editor

Leave a Reply