65.8 F
New York
Wednesday, October 20, 2021

Tesla Inc. [NASDAQ: TSLA] Decides To Cut Model Y SUV Price Amid Pandemic

Must read

Tesla Inc. [NASDAQ: TSLA], a California-based electric car maker has reduced the price of its Model Y SUV just four months after its launch. According to Tesla’s website, the starting price is now $49,990 as compared to the begining price of $52,990.

The decision of US electric car makers comes after pandemic weighs on the auto sector. Tesla is striving to maintain sales momentum in the COVID-19 pandemic. The reduction in Model Y price is the major cut Tesla has made to its vehicles roughly six weeks.

Earlier, it shaved $5,000 off the Model X and Model S and $2,000 off the model 3. Tesla shares soared after it delivered 90,650 cars in the second quarter, surpassing the anticipation of analysts.

Tesla’s stock surged 269% this year after that Bloomberg Index labeled CEO Elon Musk as the richest person who surpassed Warren Buffett as his riches surges more than $6 billion on Friday.

Shares of Tesla surged 10.78% and up +150.37 during the trading of Friday. It has a closing price of $1544.65. In the past 52-weeks of trading, it has fluctuated from a low of $211.00 and a peak of $1429.50. If we look at its profitability, it has a gross margin of 18.20%, a profit margin of -0.60%, and an operating margin of 2.80%.

Tesla had a trading volume of 23.13 million as compared to the average volume of roughly 14.45 million. It has moved up 632.06% from its 52-weeks low and 8.06% from its 52-weeks high. It has recorded the return on assets, equity, and investment of -0.40%, -2.10%, -0.90%, respectively. Turning our focus to liquidity, the current ratio for Tesla Inc. is 1.20. Similarly, its quick ratio is 0.90 and its debt to equity ratio is 1.52.

More articles

Latest article