Tesla’s Big Price Cuts Fuel Owner Backlash

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Tesla closed its worst year in its stock’s history, shedding about $675 billion in market valuation in 2022—the same year CEO Elon Musk bought Twitter. But reasons for the selloff go well beyond the social-media company. WSJ’s Sean McLain explains. Photo illustration: Amber Bragdon/Getty Images

Tesla Inc.’s deep price cuts across its U.S. lineup this month have sparked a backlash from customers, many of whom paid thousands of dollars more for their vehicles just weeks earlier.

Tesla Chief Executive Elon Musk on Wednesday said demand has surged following the price reductions, which executives said were aimed at making Teslas more affordable and qualifying some models for a federal electric-vehicle tax credit.  

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