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Tesla's pricing strategy is unique compared to other electric vehicle manufacturers. While traditional automakers often use discounts as incentives to boost sales during periods of low demand, Tesla, being a tech and automotive company, aims to reduce costs to increase product availability. This approach is particularly effective given the price sensitivity of the EV market. By lowering prices, Tesla has been able to significantly increase the number of cars it sells in the US.
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When Tesla decided to lower the price of all its North American electric vehicles in May 2020, the market initially saw this as bad news. Traditionally, automakers use discounts as incentives to increase sales during periods of low demand. However, because Tesla is a tech and automotive company, Tesla wanted to reduce costs to increase its product availability. Because price sensitivity is a huge factor to EV adoption, lower prices dramatically increased the amount of cars Tesla sold in the US in the following months.
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How do you take your product management to the next level? Due to popular demand, we've expanded our Product Development Toolkit to include more tools...
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