Tesla drops 9% after stopping new orders for the lowest-priced version of its Model Y SUV
Tesladropped 9% on Monday after halting new orders for the lowest-priced version of its Model YSUV.
- The move comes as Tesla continues to cut prices on a number of its vehicles around the world.
- Despite the single-day decline, Wall Street analysts aren't particularly concerned.
Shares of Tesla close 9% lower on Monday after the electric-vehicle maker stopped taking new orders for the lowest-priced version of its Model Y.
Tesla also cut the price of the Model Y long-range SUV by $1,000, per Electrek.While investors responded bearishly to the price cuts, some analysts are arguing the move may be a positive.
Credit Suisse analyst
In China, Tesla's Model Y is going for almost a third less than the price the company expected back in August.
Still, Wedbush's Ives said he never saw the lowest-priced version of the Model Y "moving-the-needle" and added "this was a smart move at the right time for Musk and Co."
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