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Tesla and Ford's EV price cuts make no sense, but Elon Musk has the edge over his rivals due to scale, Bank of America says
1 month ago | By Business Insider
Tesla CEO Elon Musk. Robyn Beck/AFP/Getty Images
Ford announced price cuts for its electric vehicles shortly after Tesla did the same.
The moves don't make sense, but Tesla's larger scale gives it a near-term advantage, BofA said.
Overall, strategists said price cuts in the EV market could result in higher sales volumes.
Tesla kicked off 2023 by slashing the price of its vehicles by as much as 20%, and this week Ford did the same for its electric Mustang Mach-E model range. Neither move made much sense, according to Bank of America, though Tesla still holds a near-term advantage, the bank...
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Don't expect price cuts on GM's $100,000 electric Hummer, despite EV discounts from Tesla and Ford
1 month ago | By Business Insider
GM said Tuesday it won't respond to the recent EV price cuts from Tesla and Ford. JD Adams for General Motors
Tesla spurred an EV price war earlier this month, with price cuts to its most popular models.
Ford responded with similar cuts to the Mustang Mach-E earlier this week.
But GM said Tuesday it won't make cuts to its electric vehicles.
General Motors says it's staying out of the industry's electric vehicle price war , which has been heating up since the start of the year. The automaker will not be responding to the latest price cuts from Tesla and Detroit-rival Ford by cutting prices...
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