Tesla has unveiled cheaper models of two of its most popular cars in the US as it tries to boost sales on the heels of the expiration of a key US tax credit.
But the carmaker’s shares tumbled about 4% as investors were underwhelmed by the announcement. In the US, the new versions of its Model Y mid-sized sport utility vehicle and Model 3 sedan are priced only $5,000 less than previous versions.
Tesla, which faces growing competition, has lost ground as it has been slow to offer new, more affordable vehicles, despite its release of a new Model Y version this year.
Lots of people forget that Tesla is much more than cars at this point. Musk now claims it’s an AI company, but aside from that vaporware they also build & sell utility grade battery storage systems for electric grids, Powerwall batteries for home solar systems, vehicle insurance for the cars they sell, etc. They also run virtual power plants for electric utilities that consist of Powerwall owners who opt-in to the program and are paid a premium for the power they supply. Just a month or so ago they tested a VPP in California that consisted of 100,000 individual PowerWalls.
And then there’s their attempt at robotics…
All of which amounts to a company that, in a serious world, would have maybe a fifth of their current valuation. I’m not saying that Tesla are worthless, just that their stock price is entirely disconnected from reality.
and yet, none of that actually makes money, and the stans keep buying.