165 Tesla (TSLA) Gears Up to Unveil Low-Cost EV Plans at Berlin Factory, Initiating Pre-Market Surge Shares of electric vehicle (EV) giant Tesla soared in pre-market trading on Monday amid reports that the company is preparing to introduce its most affordable EV yet at its Berlin plant. The proposed vehicle is expected to be priced at €25,000 ($26,872), significantly below the region’s average price of €65,000 and the current lowest Model 3 price of €43,000. According to Reuters, Tesla CEO Elon Musk hinted at the development during his recent visit to the company’s factory in Gruenheide, near Berlin. Tesla’s aggressive move reflects its determination to secure a larger market share in the competitive global EV industry, even at the cost of narrower profit margins, which have dropped to 16.1% in recent quarters. Musk has also expressed concerns about high-interest rates hindering sales, suggesting that a more affordable option could mitigate the impact of these rates and bolster Tesla’s market dominance. However, the company continues to face challenges related to input costs and labor issues, as highlighted by recent negotiations and potential unionization efforts. Despite these pressures, Tesla’s pre-market surge signals positive investor sentiment ahead of the official announcement. You Might Be Interested In Block’s Strong Q3 Earnings Trigger 19% Surge in After-Hours Trading China’s electric carmakers BYD, Xpeng ramp up push overseas AIG Files Lawsuit Against Former Senior Executives Who Launched Rival Insurer Dellwood Other countries in Asia are also offering incentives, not just China Charlie Munger’s Lasting Influence on Berkshire Hathaway’s Investment Philosophy Australian Dollar Remains Stable Amid Steady US Dollar, Awaits US Data and Fed Powell’s Speech
