Tesla Announces Global Price Reductions Amid Falling Sales and Market Turbulence
- Written by Deep Shikha Content Writer
Tesla reduced prices on 3 of its 5 models in the US on April 19, followed by global price cuts in key markets, including China and Germany. All these price slashes happened over a weekend as the company is responding to declining sales, a Cybertruck recall , and increasing competition in the electric vehicle (EV) sector.
According to the Guardian , Tesla reduced the prices of the Model Y, its top-selling small SUV and the leading electric vehicle in the US, and the older, higher-end Models X and S. However, the prices of the Model 3 sedan and the Cybertruck remained the same.
The price cuts reduced the starting price of a Model Y to $42,990, $72,990 for a Model S, and $77,990 for a Model X, as mentioned on Tesla’s official website . On April 20, Tesla also lowered the US price of its “Full Self-Driving” driver assistance software from $12,000 to $8,000.
Two days after these price reductions were announced, Tesla also announced a reduction to the starting price of the revamped Model 3 in China by 14,000 yuan ($1,930) to 231,900 yuan ($32,000).
A Tesla spokesperson told the Guardian that these price reductions are also implemented in various other countries across Europe, the Middle East, and Africa.
The widespread price cuts by Tesla were made after the company reported a drop in global vehicle deliveries for the first time in nearly 4 years. This move is an effort to increase sales and regain market momentum during a challenging period for car manufacturers.
The Guardian points out that CEO Elon Musk also faces criticism over potential distractions. His acquisition of the social media company Twitter now rebranded as X, has sparked concerns among investors about his ability to maintain focus on Tesla’s core automotive business.
Tesla’s problems don’t end here. The Company’s stock value tumbled below $150 this week. Tesla also announced a significant workforce reduction to regain stability, planning to cut 10% or about 14,000 jobs.
Also, Tesla is pushing for shareholder approval of Musk’s controversial $56 billion compensation package . This effort follows a judge’s rejection of the package, describing it as an “unfathomable sum,” highlighting the conflict between Tesla’s leadership goals and external skepticism about its financial and management strategies.
Elon Musk also recently postponed a meeting with India’s Prime Minister Narendra Modi, citing “very heavy obligations” to Tesla. He announced on X his intention to reschedule the visit for later in the year, highlighting the intense demands within the company and impacting its international expansion efforts.
Colorado Passes America’s First Brainwave Privacy Bill
- Written by Shipra Sanganeria Cybersecurity & Tech Writer
- Fact-Checked by
Colorado has become the first state in the US to pass a law that protects a user’s sensitive neural data. Colorado Governor Jared Polis approved a bill on April 17th, extending the same level of protection to brainwave data as is afforded to biometric data like fingerprints or facial images under the current privacy law.
The rationale behind introducing the bill was the swift advancement of consumer-level neurotechnology devices and their practices of gathering, storing, and trading consumer brainwave data.
For instance, from 2019 to 2020, global investment in neurotech increased by over 60%, according to one market analysis . In recent years, big tech companies have also made significant, profit-driven investments in developing mass-market proprietary neurotechnology products.
For instance, the first human brain chip implant by Elon Musk’s Neuralink enables users to manipulate a device using their thoughts. Others like Meta and Snap have been making significant investments in developing neural-linked augmented and virtual technology, too.
Developed for commercial uses, these products can help companies amass large stores of data that can be used for various purposes, including regenerating lost brain function. Despite the potential promise of neurotechnologies, one cannot underscore the adverse effects on data privacy and other potential risks.
“The things that people can do with this technology are great,” said State Representative Cathy Kipp , a primary sponsor of this legislation. “But we just think that there should be some guardrails in place for people who aren’t intending to have their thoughts read and their biological data used.”
The new Colorado legislation mandates that companies collecting neural data, especially through consumer products, must secure explicit consent from users prior to processing the acquired information from their brainwaves. Notably, this law excludes neurotechnologies in medical contexts, as they are already subject to regulation under health data privacy laws.
The Neurorights Foundation, which published a 100-page report on April 17 highlighting the privacy practices followed by neurotechnology companies, also supported the ratification of the Colorado bill.
Elsewhere around the world, several countries like Chile have either implemented or are taking steps towards implementing consumer protection laws on neural data.
