TeslaIncTSLA on Friday announced price cuts ranging from 6.4% to 19.7% in the U.S., stirring excitement among its ardent backers on Twitter.
What Happened: The move cameon the heels of a sharp reduction announced in China on Jan. 6.
It wasprecipitated by worries concerning demand slowdown amid the macroeconomic uncertainties and the intent to make the Model Y long-range variant eligible for the federal electric vehicle tax credit.
See Also: Everything You Need To Know About Tesla Stock
Immediately after the announcement, Tesla analysts, investors, users and influencers swung into action and flooded Twitter with their views and thoughts. YouTuber and Tesla influencer Steven Mark Ryan suggested the move could hit other automakers hard.
Another Tesla influencer, going by the handle @TSLAFanMtl, suggested the EV pioneer's market share mightexplode with the price cuts.
The $7.5k credit at $55k was too enticing. Tesla addressable market just exploded and its competitors are now insta-fcked. James Cat (@TSLAFanMtl) January 13, 2023
Former Tesla employee Farzad Mesbahi said, Tesla going for the throat, apparently suggesting it was an aggressive move to take on the competition.
Analysts Say Expected Move: Fund manager Ross Gerber termed the move as an interesting one. Future Funds Gary Black said the price cuts wouldboost Teslas 2023 volumes.
But he said it felt odd that the company did not bring down the Model Y Performance variants price to $54,990 to avail of the $7,500 federal EV tax credit.
Black said the move wasnt surprising after China price cuts and the lack of any sales momentum in the U.S. since Dec. 31 amid the IRA uncertainty. While releasing its vehicle qualification norms for the incentive, the federal agency left the 5-seater variant of Model Y out of the purview of the benefit.
Tesla shares, the analyst said, wouldrecover as investors realized volume impact could offset negative margin impact. Volume growth was more important than margins, he added.
TSLA Price Action: On Friday,Tesla shares closed down 0.94%at $122.40, according to Benzinga Pro data.
Read Next:A $1,000 Invested In Tesla Now Will Fetch This Much If The Stock Hits Cathie Wood's Updated Price Target
Voters across 50 states are preparing to cast their ballots after a bitterly contested US election campaign, which will see Donald Trump or Kamala Harris become president.
In the last few hours, both candidates have been giving their final pitches. “The momentum is on our side,” Ms Harris told a crowd in Philadelphia that chanted back, “We will win”.
“Tonight, then, we finish as we started: with optimism, with energy, with joy,” she said, while enjoying the support of celebrity endorsements on the day from Katy Perry, Lady Gaga and Jon Bon Jovi.
In contrast, Mr Trump ended his campaign in Michigan, repeating key messages about the economy and immigration.
A handful of states will play a crucial role in determining the outcome of the election. Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania and Wisconsin hold the keys to the White House.
To become president, the winning candidate needs 270 electoral votes or more, with each state carrying a different number of votes.
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But the focus has been on Pennsylvania which carries 19 electoral votes, the most of all the swing states.
It has been a remarkable journey for both candidates – with Mr Trump surviving two assassination attempts and Ms Harris not even originally in the running.
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For more than a year, the 2024 presidential race seemed destined for a rematch between Joe Biden and Mr Trump – but a disastrous TV debate by Mr Biden eventually forced him to withdraw from the ticket.
The Democratic party’s decision to replace Mr Biden with his vice president transformed the race and shifted polls in Ms Harris’s favour. But only just.
Many polls are too tight to call and, with a large margin of error, most experts are refusing to predict the outcome.
Later, attention will turn to those battleground states including Georgia, which is among the first polls to close at 7pm local time (midnight UK time).
State election officials told Sky News they could have a result as early as 10pm (3am UK time).
Even so, it could be several days before the US has a definitive result.
Voters are not just selecting a president. In addition, 10 states will hold abortion-related ballots, half of which would overturn existing restrictions.
Predict who you think will win in each swing state and we’ll tell you who the president will be if you’re right.
Tonight, Sky News will have access to the most comprehensive exit poll and vote-counting results from every state, county and demographic across America through its US-partner network NBC.
You can find out more about Sky News’ coverage here.
Each year, a seasonal thinning of the ozone layer appears over Antarctica, a reminder of environmental damage done by industrial chemicals. However, 2024 has brought encouraging news, as this year’s ozone depletion was smaller than in previous years, sparking optimism about the ongoing recovery of the atmosphere’s protective layer. In recent monitoring from September to mid-October, scientists from NOAA and NASA observed that the ozone hole over Antarctica was the seventh smallest in recorded history.
Although still substantial in size, averaging around three times larger than the continental United States, it peaked at 8.5 million square miles on 28 September before beginning to contract.
As per a report by Earth.com, the Montreal Protocol, an international treaty ratified in 1992, has played a critical role in this improvement. By phasing out chlorofluorocarbons (CFCs), the treaty helped reduce chemicals that harm the ozone. This year’s relatively smaller hole is a direct result of these efforts and a fortunate influx of ozone-rich air moving southward, replenishing the atmosphere over the Antarctic.
Decreased CFC Levels Brings Hope for Recovery
Dr Paul Newman, NASA’s head of ozone research, noted that “the 2024 Antarctic ozone hole is smaller than those observed in the early 2000s, reflecting the gradual recovery that’s been ongoing for two decades.” This positive trend underscores the impact of global cooperation to control ozone-depleting substances.
Despite this progress, scientists are cautious. Stephen Montzka of NOAA’s Global Monitoring Laboratory highlights that recovery remains a slow process. CFCs still in the atmosphere will linger for decades before fully breaking down. Bryan Johnson, a research chemist at NOAA, pointed out that the 2024 ozone concentration reached a low of 109 Dobson units, significantly below 1979 levels of 225 units.
International Monitoring and Future Prospects
NASA and NOAA will continue tracking the ozone layer closely. They will use satellite instruments and weather balloons launched from Antarctic stations to measure the ozone levels. As existing CFCs slowly degrade, scientists anticipate steady improvements, aiming for a full restoration of the ozone layer by 2066.