Money: Tesla slices prices on Models S and X as stock plunges - PressFrom - Canada
  •   
  •   
  •   

MoneyTesla slices prices on Models S and X as stock plunges

11:26  22 may  2019
11:26  22 may  2019 Source:   cbsnews.com

TSX gains on higher oil prices, upbeat jobs data

TSX gains on higher oil prices, upbeat jobs data TSX gains on higher oil prices, upbeat jobs data

Watch CBSN Live. Tesla slices prices on Models S and X as its stock plunges . Tesla is lowering the price of its two most expensive models by ,000 to ,000, not including tax credits. The company's stock is at its lowest point since late 2016, after several Wall Street analysts questioned its

Their stocks , along with Micron Technology and Xilinx, fell sharply Monday. The Huawei ban is also adding more anxiety to a market worried about further Tesla slices prices on Models S and X as stock plunges . After a big first-quarter loss, and signs of slowing demand for its cars, Tesla is under

Tesla slices prices on Models S and X as stock plunges© Kyle Grillot / REUTERS rts256q3.jpg

Tesla is lowering the price of its two most expensive models by $2,000 to $3,000, not including tax credits.The company's stock is at its lowest point since late 2016, after several Wall Street analysts questioned its growth prospects and cited slowing customer demand for its cars.Tesla lost $700 million in the first quarter, but CEO Elon Musk vows a return to profitability by the third quarter.

Tesla has sliced the price of its two most expensive models after several Wall Street analysts questioned the demand for its cars.  The company on Monday cut $3,000 from the price of the Model S sedan and $2,000 from the Model X SUV.

Driver rescued after cement truck plunges into creek in Wellesley

Driver rescued after cement truck plunges into creek in Wellesley Wellesley Township said the driver was stuck in the vehicle which was submerged in the creek and under a tree but the fire department rescued the man. Police say he was transported to Grand River Hospital with minor injuries. They said firefighters and the Region of Waterloo Environmental Services contained and removed fuel from the truck that spilled into the creek. Police say they are still investigating the incident and are asking anyone who with information to call 519-570-9777.

Tesla cut prices for the Models S and Model X. The electric-car maker's price cuts come amid a slumping stock price and questions about demand for its vehicles. Tesla wouldn't say if slowing sales influenced the decision, butthe company did say it periodically adjusts prices and available options

The Model S now starts at ,250 while the X starts at ,950. Both prices don't include federal and state tax credits. The moves come as Tesla 's stock Tesla said in a statement that the reductions are about 2% to 3% on the S and X. The company last week raised the price of its top-selling Model 3 by

The Model S now starts at $71,250 while the X starts at $71,950. The prices don't include federal and state tax credits for electric-vehicle purchases.

Tesla wouldn't say if slowing sales influenced its decision, but it said it periodically adjusts prices and available options, according to the Associated Press. Tesla said the decreases offset price increases from a month ago when it offered longer battery range and added a new drive system and suspension.

The moves come as Tesla's stock is under pressure, at times dropping below $200 per share this week. Several analysts have questioned whether the company can sell enough cars to cover its expenses without dipping into its shrinking cash reserves.

Shares traded Tuesday afternoon at $205.62, up slightly from Monday's closing price. They are down more than 38 percent so far this year, cutting the company's market value more than $20 billion to $36.5 billion. On Monday the shares hit their lowest point since late 2016.

Tesla in ‘Code Red Situation’ as Sell-Off Exceeds 20%

Tesla in ‘Code Red Situation’ as Sell-Off Exceeds 20% Tesla Inc.’s stock rout following this month’s $2.4 billion capital raise intensified after a once-bullish analyst called the range of issues facing the electric-car maker a “code red situation.” The shares have dropped in nine of the last 10 trading days, a stretch that started the day Tesla closed offerings of new stock and convertible bonds to shore up its balance sheet. In that span, Tesla has plunged more than 20% and fallen back behind Ford Motor Co. by market capitalization.

The Model S now starts at ,250 while the X starts at ,950. Both prices don't include federal and state tax credits. The moves come as Tesla 's stock Tesla said in a statement that the reductions are about 2% to 3% on the S and X. The company last week raised the price of its top-selling Model 3 by

Faced with a slumping stock price and questions about demand for its vehicles, Tesla has lowered the U.S. base prices of its two most expensive models . Tesla said in a statement that it periodically adjusts prices and available options like other car companies. The decreases offset price increases

Tesla said in a statement that the reductions are about 2% to 3% on the prices of the S and X. The company last week raised the price of its top-selling Model 3 by $400, pushing the base price to $35,400. "By any reasonable standard, these small changes are not newsworthy," the company said in a statement.

Wedbush analyst Daniel Ives wrote on Monday that he was concerned about Tesla's growth prospects and the demand for the Model 3 during the coming quarters. He called Tesla a "code red" situation. "We have continued concerns around Tesla's ability to balance this 'perfect storm' of softer demand and profitability concerns, which will weigh on shares until Musk & Co. prove otherwise in terms of delivering solid results over the coming quarters," Ives wrote, referring to CEO Elon Musk.

After two profitable quarters, Tesla said last month it lost $702 million in the first quarter of 2019, one of its worst performances in two years. Sales tumbled 31% in the period. Musk predicted another loss in the second quarter but said Tesla would be profitable again by the third quarter.

Tesla’s demise could bring down the whole ‘house of cards,’ warns strategist

Tesla’s demise could bring down the whole ‘house of cards,’ warns strategist “It’s all so embarrassing,” says Bill Blain, strategist at London-based Shard Capital, which oversees more than $1 billion in assets. “Peak Musk” has come and gone, he warned in his Morning Porridge note Wednesday. The negativity, sales concerns, ongoing capital burn he sees it’s all coming to a head.

DETROIT — Faced with a slumping stock price and questions about demand for its vehicles, Tesla has lowered the U.S. base prices of its two most expensive models . The company on Monday cut ,000 from the price of the Model S sedan and ,000 from the Model X SUV.

Faced with a slumping stock price and questions about demand for its vehicles, Tesla has lowered the U.S. base prices of its 2 most expensive models . FILE - This Wednesday, Aug. 8, 2018, file photo shows the Tesla emblem on the back end of a Model S in the Tesla showroom in Santa Monica, Calif.

The carmaker recently closed a $2.7 billion funding round, giving it enough cash to survive another 10 months, Reuters reported. Musk now is on a cost-cutting mission, with plans to review "literally every payment that leaves our bank account," according to Reuters.

In January, the automaker cut its prices by $2,000 per vehicle, acknowledging that the pending expiration of a $7,500 federal tax credit for its electric cars will hurt sales. The credit is gradually being phased out for Tesla by the end of the year.

Price of coffee plunges to 13-year low — but maybe not at your local coffee shop.
It may be hard to believe based on how much you shelled out for your morning cup of joe, but the price of coffee has fallen to its lowest level in more than a decade. The price of a pound of arabica coffee has dipped below $1 US this year on the world's biggest commodities exchange in New York. That's about half of what it was as recently as 2016. The reasons are complex, but broadly they boil down to what is happening in Brazil, the world's largest producer of coffee beans. Brazil's coffee farmers produced almost 70 million bags of coffee last year — nearly 40 per cent of the world's supply.

—   Share news in the SOC. Networks

Topical videos:

usr: 138
This is interesting!