Tesla has cut prices of its Model 3 compact sedan and Model Y SUV in the U.S. by about 2.7% to 4.2% to stoke demand for its electric vehicles, days after the automaker fell short of third-quarter deliveries estimates.
The Elon Musk-led company's shares, which have more than doubled so far this year, fell 1.5% in trading before the bell as investors worried that the price cuts could further hit margins, already hovering near four-year lows.
Tesla posted a record high margin of 32.9% in the first quarter of 2022, but those have steadily fallen since. Prices for the standard Model 3 have come down by about 17% since the beginning of the year while the Model Y long-range variant has seen a drop of over 26%.
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