Elon Musk's Tesla cuts prices for several models amid sales drop and tumbling stock prices

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By  India Blooms News Service   Jan 14, 2023

Elon Musks Tesla announced dramatic cuts in the prices of its electronic cars amid a reduction in sales and tumbling share prices, media reported.

The car-maker has cut down the prices of several models, making some of them eligible for a new federal tax credit that could help attract buyers, AFP reported.

The company slashed the prices by nearly 20% in the United States on some versions of its top-selling Model Y SUV.

With the price drop, Model Y will be eligible for a $7,500 U.S. electric vehicle tax credit that will be available through March.

As per the new price scheme, the base price of the Model 3, its least expensive model, will be lower by about 6%.

However, this move wasnt received well by the stock market as Teslas share prices slid about 4% in early trading Friday, and since the start of the year, the stock has plummeted more than 65%, the report said.