Tesla Cutting Car Prices to Spur Demand
Tesla (NASDAQ: TSLA) has dropped its prices by up to 6% to stimulate demand for its electric vehicles as some U.S. states begin to relax their lockdown restrictions, according to a Reuters report. Other automakers in North America are also coming out with financing and deferred payment incentives, hoping that buyer interest picks up as the economy restarts.
The Reuters article said that data from auto analytics company J.D. Power shows that retail auto sales were likely cut in half in last month compared to April 2019. However, the firm believes that May sales are likely to improve, spurred both by incentives and pent up consumer demand.
Source Fool.com
