Tesla to Hike Prices, Cut Charging Times in Half

Irving Hamilton
March 16, 2019

"Last year featured a number of idiosyncratic events that shaped the Tesla narrative and, just 2 months into 2019, it seems to be another year of significant volatility, driven by both economic factors and company-specific factors", Morgan Stanley analysts wrote in a note to clients on March 1. Meanwhile, the company also lowered the starting price for Model 3 cars from $43,000 to $35,000, a price point Musk had long promised his fans. Evidently, common sense prevailed and Tesla chose to drastically cut down on development and production costs of the Model Y by using one of its existing platforms. Details of the new vehicle are scarce for now, but based on CEO Elon Musk's tweet, we do know that the Model Y will be bigger (about 10 percent) than the company's Model 3 sedan.

Oh, and come back Thursday for the reveal of the upcoming Tesla Model Y compact SUV. With the Model Y, production is expected to be initially handled by the company's Gigafactory near Reno, Nevada. But its announcement also mentioned the Model Y, which shares the Model 3 platform.

That means the Model Y could be the second Tesla vehicle to support the V3 Supercharger and its 250 kWh peak charge rate. The Model Y will have a slightly shorter range than the Model 3 despite the identical battery. The SEC said Musk's February 19 tweet was inaccurate, and that he didn't search nor obtain pre-approval previous to publishing. What you won't see for a while, however, is the Model Y, because.

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The decision to close down all of its retail stores and move to an online-only sales model surprised numerous company's employees and investors, with some investors dumping the company's shares as its "growth" aura was rapidly deflating.

On Feb. 28, the company said shifting totally to online sales would allow it to lower all vehicle prices by 6 percent, on average, including its higher-end Model S and Model X. Musk added that the base price does not factor in gas savings and tax incentives which could further lessen the cost of owning a Tesla and that's been the goal right from the beginning. Pro-Tesla blog electrek called the business model changes a "chaotic situation", saying it was "either turning into what feels like an extremely poorly managed, haphazard transition or it is intentionally made that way to push out employees like some are suspecting".

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