Tesla Inc. reported Model 3 sedan deliveries that missed Wall Street’s estimates and said it would cut prices on all its vehicles, news that drove shares of the electric car maker down more than 8% on Wednesday. Tesla cut prices by $2,000, moving the starting cost of the Model 3—the vehicle it is banking on to reach the mass market—to $44,000. The move, in part, was to make up for the elimination of federal tax incentives for Tesla vehicles that begin to phase out this year, it said.

Source: Wall Street Journal January 02, 2019 14:00 UTC