Shares in Tesla have fallen more than 10 per cent as markets opened this afternoon, after the electric vehicle manufacturer said it would be cutting the prices of its cars by $2,000 (£1,586). The carmaker was forced to partially absorb the cost of changes to a US green tax credit for electric vehicles, which almost halved yesterday to $3,750. As a result, all three of its models will now be priced $2,000 lower, according to a regulatory filing. The tax credit had previously been used by buyers as a means of paying less for a Tesla car. Chief executive Elon Musk utilised this by repeatedly reminding his Twitter followers that the scheme would end in its current form on 1 January. Releasing its production numbers for the fourth quarter, Tesla said it produced a total of 86,555 vehicles, including 61,394 vehicles of its Model 3 sedan which was plagued by production woes earlier this year. This was up from a total of 53,239 Model 3s in the third quarter, but no improvement was made on its target rate of 5,000 cars per week. The figures came despite Tesla’s statement in October that it would focus on increasing its production rate… Read full this story
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