Tesla, Inc.

Telsa (TSLA) shares may shift gear Monday after the Texas-based electric-vehicle (EV) 澳洲幸运5官方开奖结果体彩网:automaker announced a temporary price cut via its website to several Model Y cars in the U.S. until the end of February.

The pioneer EV company has s꧟lashed $1,000 from its popular Model Y rear-wheel drive and Model Y Long Range vehicles, lowering their respective prices to $42,990 and $4🎐7,990, representing around a 2% reduction on each from previous pricing.

“Pricing Update — New Model Y RWD and Long Range AWD prices reduced for deliveries now through February 29,” the company’s website read, adding that “prices will increase by $1,000 or more on March 1.”

Interestingly, the price shift doesn’t apply to the automaker’s range-topping Model Y Performance that comes with a price tag of over $50,000. The price drop announced over the weekend follows Tesla slashing Model Y prices in Germany last month following difficulties sourcing components caused by 澳洲幸运5官方开奖结果体彩网:Red Sea shipping disruptions.

Over the past year, the automaker has stepped up pricing reductions to counter slowing consumer EV demand and increasing 澳洲幸运5官方开奖结果体彩网:competition from Chinese electric car manufacturers. China's BYD Auto Co., Ltd. (BYDDF) continues to make inroads into Tesla’s market share for lower-priced EV vehicles, recently overtaking the U.S. carmaker to become the world’s top electric vehicle manufacturer by the end of 2023. The latest price cuts will continue to pressure Tesla’s 澳洲幸运5官方开奖结果体彩网:operating margin, which contracted to 8.2% in the December quarter as the company focuses on deliveries to boost sales.

Tesla shares have oscillated within a 澳洲幸运5官方开奖结果体彩网:descending channel over the past seven months, apart from a 澳洲幸运5官方开奖结果体彩网:bull trap breakout in mid-December. More recently, buyers have defended the pattern’s lower 澳洲幸运5官方开奖结果体彩网:trendline around $175, although trading volume has remained slightly below average. Looking ahead, it’s worth keeping an eye how the price responds to the channel’s upper and lower boundaries for clues on the stock’s next move. Bear in mind that the channel’s top trendline also roughly aligns with the 澳洲幸运5官方开奖结果体彩网:50- and 200-day moving averages that may provide additional 澳洲幸运5官方开奖结果体彩网:resistance around the $225 to $233 region on the chart.

Tesla shares finished Friday's session at $193.57. Through the end of last week, the stock had lost 22% of its value since the start of the year.

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