Tesla shares dropped 5% on Friday after a spate of price cuts on inventory cars in the US.The stock has still almost doubled this year.shares dropped 5% on Friday after the electric car company cut prices on some models in the U.S. and reduced the price for its premium driver assistance software.
Tesla is also cutting prices for inventory vehicles in the U.S., including its entry-level Model 3 sedan, luxury Model S sedan and the Model X SUV. And in China it's reducing the price of the Model S and Model X by about 7%.nearing completion of a years-long investigation into possible safety defects of Tesla's driver assistance systems. The investigation began after a string of crashes into stationary first responder vehicles by Tesla drivers who were thought to be using driver assistance features.
The price cut for some Model X cars in the U.S. makes the SUV eligible for a $7,500 tax break for qualified buyers. However, the price cuts on Model S and X upset some prior customers in the U.S. and in China, who took to social media to complain that the lower price hurts the resale value of their cars and that they're paying higher insurance costs because their car was more expensive.
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