DATA REVEALS IMPACT OF TESLA PRICE CUTS, UBS EXPECTS MASSIVE AUTO MARKET DECLINES

EV Channels Review

This episode of Tesla Daily delves into the immediate impact of Tesla's recent price cuts, presenting data from Edmunds and The Wall Street Journal that indicates a significant surge in shopper consideration and financing applications. Edmunds reported a jump in on-site shopper consideration for Tesla vehicles to 4% from 1.9%, with the Model Y becoming the second most researched vehicle on their platform, and the Model 3 climbing from 47th to 11th. A vehicle financing company, Tenet, saw Tesla financing applications triple. The report also touches on Tesla's inventory levels, noting a recent leveling off and slight decrease in Model 3 and Model Y inventory, which is seen as an encouraging sign. However, the analysis pivots to a bearish outlook from UBS, which predicts massive declines in automotive industry earnings (40% YoY in 2023) due to price wars initiated by Tesla. UBS reiterates a 'Buy' rating for Tesla but lowers its price target to $220, citing Tesla's cost and tech leadership as key advantages in an industry shakeout. The episode briefly covers potential Kia EV9 specs and a humorous update on Mr. Beast's Twitter bio.