Tesla has made headlines in the past month with a series of price cuts on its vehicles. As a result, the Model 3 sedan is now being sold at a price that is $4,930 lower than the average new vehicle sold in the United States. This means that the Model 3 is now the cheapest it has ever been relative to the average price of a new car in the country. A recent analysis by Bloomberg confirms this.
Tesla’s Model Y SUV has also seen a price drop of $13,000 at the beginning of the year. Despite this, it was already the third best-selling SUV in the US in 2021, following Toyota RAV4 and Honda CR-V. After the Model Y sold out its build slots for at least the first quarter in the US, Tesla slightly increased its prices again.
The price cuts by Tesla came suddenly and steeply on January 12, and other automakers soon followed suit. For example, Ford Motor Co. also slashed the prices of its electric Mustang Mach-E. The shakeout phase of the electric vehicle market is starting to emerge, with General Motors Co. set to launch electric versions of its Chevrolet Blazer and Equinox SUVs later this year.
At the same time, gasoline-powered cars are getting more expensive. Due to the shortage of computer chips, raw material inflation, and manufacturers’ decisions to keep inventories low while spending heavily on electric car development, the average cost of a new car has increased by over $10,000 since the start of the pandemic, reaching $47,920 in January.
This story is from the March 04, 2023 edition of Techlife News.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the March 04, 2023 edition of Techlife News.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
AUSTRALIA SHOULD DELAY SOCIAL MEDIA BAN FOR CHILDREN UNDER 16. BIG TECH SAYS
An advocate for major social media platforms told an Australian Senate committee that laws to ban children younger than 16 from the sites should be delayed until next year at least instead of being rushed through the Parliament.
APPLE AND GOOGLE FACE UK INVESTIGATION INTO MOBILE BROWSER DOMINANCE
Apple and Google aren’t giving consumers a genuine choice of mobile web browsers, a British watchdog said in a report that recommends they face an investigation under new U.K. digital rules taking effect next year.
DIRECTV CALLS OFF ACQUISITION OF RIVAL DISH, POSSIBLY ENDING A YEARSLONG PURSUIT
DirecTV is calling off its planned acquisition of rival Dish after the offer was rejected by bond holders at that company.
THE PSYCHOLOGY OF RETIREMENT INCOME: FROM SAVING TO SPENDING
The narrative of a miserly, Scrooge-like figure hoarding his wealth for years instead of enjoying his retirement might seem unbelievable—but unfortunately, it isn’t relegated only to fiction. It’s a cold reality for many retirees.
'BUY NOW, PAY LATER' IS MORE POPULAR THAN EVER. IT CAN COST MORE THAN YOU THINK
More shoppers than ever are on track to use ‘buy now, pay later’ plans this holiday season, as the ability to spread out payments looks attractive at a time when Americans still feel the lingering effect of inflation and already have record-high credit card debt.
IS 'GLICKED' THE NEW 'BARBENHEIMER'? 'WICKED' AND 'GLADIATOR II' COLLIDE IN THEATERS
“Barbenheimer” was a phenomenon impossible to manufacture. But, more than a year later, that hasn’t stopped people from trying to make “Glicked” — or even “Babyratu” — happen.
ELECTRIC CAR SALES ARE SLOWING IN THE US AND EUROPE AS BOTH FANS AND SKEPTICS SHARE CONCERNS
While sales of electric vehicles surge in China, adoption of more environmentally friendly vehicles is stumbling in the United States and Europe as carmakers and governments struggle to meet years-old promises about affordability and charging stations.
FEDERAL PROSECUTORS SEEK RECORDS FROM COMPANY THAT DEPLOYED AI WEAPONS SCANNER ON NYC SUBWAY
Federal investigators in New York are seeking records from the manufacturer of an AI-powered weapons scanner that was briefly deployed this summer in New York City’s subway system.
BIDEN ADMINISTRATION TO LOAN $6.6B TO EV MAKER RIVIAN TO BUILD GEORGIA FACTORY THAT AUTOMAKER PAUSED
President Joe Biden's administration announced this week that the U.S. Department of Energy will make a $6.6 billion loan to Rivian Automotive to build a factory in Georgia that had stalled as the startup electric vehicle maker struggled to become profitable.
RANSOMWARE ATTACK ON SOFTWARE SUPPLIER DISRUPTS OPERATIONS FOR STARBUCKS AND OTHER RETAILERS
A ransomware attack that hit a major software provider last week caused disruptions for a handful of companies over recent days, from Starbucks to U.K. grocery giant Morrisons.
