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Tesla says prices will continue to “evolve”! daily news e

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tesla prices will continue to evolve daily news e

Tesla says it has no plans to stabilise the prices of its popular electric vehicles, despite repeated price cuts denting its profits.

The car company led by billionaire Elon Musk is grappling with the impact of increased competition and higher borrowing costs on buyers.

It has responded to the pressures by slashing prices repeatedly this year.

It warned investors on Wednesday that product pricing would continue to “evolve, upwards or downwards”.

Revenue of he first three months  has increased $23.3bn , up 24% from a year ago, reported by Tesla+, daily news e

With the increase, revenue, which was a total of $2.5 billion (£2 billion) in the identical time previous year, decreased by 24%.

Tesla bucked a wider decline in car sales last year, helped by booming interest in electric vehicles.

But its market share has shown signs of eroding, even as rivals launch electric vehicles of their own. Meanwhile Tesla deliveries have lagged after its massive expansion in manufacturing since last spring, stoking speculation that demand may be weakening.

The company has blamed the mismatch on delivery delays and said price cuts will help keep customers coming.

“We’re not ‘starting a price war’, we’re just lowering prices to enable affordability at scale,” Mr Musk wrote on his social media platform, Twitter, earlier this month.

Tesla sold an estimated 423,000 cars in the three previous months until March.

. That was only 4 percent more than this past period, but the figure was up 36% from the previous year.

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