Tesla reduces prices on three of its electric vehicle models

After weak first-quarter sales led to rising inventories, Tesla Inc. slashed prices of its best-selling Model Y, S, and X by $2,000.

The US base Model Y costs $42,990, its lowest price ever. Tesla also slashed the two more expensive Model Y models by $2,000 and lowered the Model X price to its lowest ever.

Musk informed his 140,000 employees in a memo early Sunday that he was cutting headcount by almost 10% worldwide. Two top executives left.

Tesla stated in its proxy statement on Wednesday that it will urge shareholders to vote again on Musk's $56 billion remuneration plan, which a Delaware court rejected in January.

On Friday, the business recalled approximately 3,900 Cybertruck pickups to fix or replace accelerator pedals that can dislodge and cause inadvertent acceleration, increasing crash risk.

Tesla releases first-quarter earnings on April 23. Concerns about falling sales, rising competition in China, and Musk's dangerous “balls to the wall” autonomous ambition have driven its shares down more than 40% this year.