Quote from Ndubuisi Ekekwe on January 6, 2023, 2:29 PM

It looks really bad for Tesla in the long-term. It seems other car companies are catching up right now.

Buyers in the Chinese market can snag a Tesla Model 3 for around $32,700 — 30% cheaper than in the U.S. — after the electric vehicle manufacturer slashed its prices for the second time in the country, following lower-than-expected deliveries in December. The company announced price cuts on its Model 3 and Model Y of between 6-13% Friday, making the latter now 43% cheaper than in the U.S. Tesla experienced its largest stock drop in over two years Tuesday, down 12% — capping off a challenging year for the company.

For Tesla, this is happening when the industry is booming: "Even as car sales in the U.S. fell by 8% in 2022, the electric vehicle market boomed. Sales of EVs increased by two-thirds in 2022, as more and more automakers introduced electric models. Electric vehicles accounted for 5.8% of all cars sold in 2022, according to Motor Intelligence, up from 3.2% the year prior. While Tesla remains the top dog of electric vehicles, grabbing 65% of EV sales, it has less market share than it did a year ago, when it accounted for 72%."