Tesla will raise prices of Model S, X by $1,000 and Model Y by $250 in the US. The increase is a single-digit percentage and is the second increase since April 19. Compared to the beginning of the year, they're still cheaper; Tesla has cut prices six times since then to increase sales volume. The only product that has its price tag unchanged is the Model 3. The electric vehicle company is to recall a total of 1 104 622 vehicles because it considers them to be substandard, according to the Chinese regulator. This decision is due to come into force on 29 May. Tesla has appealed against this order.
Panasonic, a major supplier of electric batteries to Tesla, has announced that it is postponing the production of the revolutionary 4680 battery cells until the period from April to September 2024. It wants to introduce measures to improve this product so that it can later increase competitiveness. The production of these cells is also linked to the start of production of the long-awaited Cybertruck model and thus wants to eliminate any possible complications.
Rivian Automotive Inc, a rival electric vehicle maker based in the same city as Tesla, San Francisco, is confident that it can keep the prices of its electric pickups high despite the competition. It's a risky move, but CEO Robert Scaringe believes it's the right thing to do even in these days of EVs getting cheaper across the market. He plans to produce 50,000 vehicles this year, including SEV R1S models and R1T pickups, enhanced with more advanced features and a higher price tag. Although the company had positive earnings results for the quarter and its stock responded with a nice rise, analysts consider the current business strategy ineffective due to supply chain issues. * However, the company has managed to switch to Enduro engines of its own production, has reduced costs by switching to cheaper lithium iron phosphate batteries and is determined to profit in the near term due to the higher price tags of its products.
* Past performance is no guarantee of future results
