Tesla Reduces Supercharging Prices To Accelerate EV Adoption Amid Slowing Demand

EV giant Tesla Inc TSLA has been reducing the price for charging at its supercharger network in a bid to accelerate electric vehicle adoption, company executive Max de Zegher said on Saturday.

What Happened: de Zegher said that supercharger prices have been reduced “overall” in the U.S. The goal behind the move is to price it lower to accelerate EV adoption and be financially sustainable to invest in expanding the network, the director of charging said.

The reduction in charging costs is also a potential strategy for wooing potential customers to buy Teslas over gas vehicles amid slowing EV demand.

For the full year 2023, Tesla delivered 1,808,581 vehicles around the globe. To mark a growth over last year, the company has to deliver at least 514,926 vehicles in the three months through the end of December. Tesla has never managed to deliver over 500,000 EVs in a quarter to date, making this an ambitious target.

Why It Matters: At the end of the third quarter, Tesla had 6,706 supercharger stations around the globe and 62,421 connectors.

During Tesla’s annual shareholder meeting in June, Tesla CEO Elon Musk slammed rumors of the death of its supercharger network following a major layoff in April as “greatly exaggerated.” Musk then said that Tesla would invest $500 million in expanding the network this year.

Tesla’s company-wide layoffs in April impacted 500 members of the supercharging team and Rebecca Tinucci, Tesla’s then Senior Director of Charging Infrastructure, left the company.

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