Elon Musk fears that high interest rates will make new cars unaffordable to many consumers
Tesla chief executive Elon Musk says the carmaker won’t rush to increase production of its EVs over fears of economic uncertainties and the impact of high-interest rates. While speaking with analysts and investors about Tesla’s third-quarter financial results, Musk voiced concerns about high-interest rates potentially making new cars unaffordable for consumers.
Musk added that the price of the company’s best-selling car is “almost unchanged” for consumers despite repeated price cuts this year because of higher financing costs, Reuters reports. He also noted that if a new Model Y were to cost as much as a Toyota RAV4, very few people would buy the Toyota but said as many American buyers cannot afford to wait for the EV tax credit, “our car is still much more expensive than a RAV4.” Read: Tesla Cybertruck Deliveries To Start Nov.
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