ALBAWABA – After reporting a drop in quarterly deliveries for the first time in over four years on Tuesday, falling short of Wall Street estimates, Tesla has suffered a 5.2 percent in share price, wiping $30 billion from the company’s value according to Reuters, leading the EV maker to make some bold moves.
Tesla has cut the price of its Full Self-Driving software from $12,000 to a new bill of $8,000, a full third of the initial price down, as reported by Reuters, while allowing customers who do not seek a front payment to use the service for a $99 a month subscription, a drop from the original $199 a month.
Price cuts have also reached the Model X, Model Y and Model S cars with a $2000 drop for each, according to CNBC, making the Model Y base sell for $42,990 whereas the current prices for the performance and long-range models are now $51,490 and $47,990.
The Model S now goes at $72,990, while the plaid version is $87,990. The base Model X on the other hand now costs $77,990, while the plaid variant is $92,900.
Tesla has also announced the discontinuation of its referral program, which enables clients to get special perks by introducing new ones or receiving a referral from current clients, with these perks seeing a deadline across all markets on April 30.
Two days ago on Wednesday, Tesla has also issued a recall for every one of the 3,878 Cybertrucks it had sold this far after a defect was discovered in the gas pedal when high force is applied, which causes the pedal pad to come loose and get stuck in the inside trim of the car.
According to the recall notice, the defect was brought about by an "unapproved change" that added "lubricant (soap)" throughout the accelerator pedal assembly, reducing the pad's grip.
On the management side, Elon Musk, CEO of Tesla, has announced on X (formerly Twitter) that his previously planned visit to India next week, which was anticipated to involve a meeting with Prime Minister Narendra Modi and an announcement that Tesla would establish a plant in the most populated country on earth, has been postponed due to “heavy obligations” he has with Tesla.
