WEBVTT

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- Way down in Texas,

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there's a little company
you might've heard of,

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it's called Tesla,
(horn honking)

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and recently they have been panicking.

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Just one short decade ago, Tesla
made the electric car cool.

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It introduced the Model S,
which was sleek and luxurious

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and had kind of incredible
range for the time.

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And then things went a little sideways.

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They introduced more cars.

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Their CEO bought Twitter,

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and then they missed a
bunch of sales targets.

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They cut prices on every
single model in their lineup

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from a 6% cut on the base Model 3,

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already the company's cheapest car,

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to a 20% price drop on the Model Y,

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which is meant to be their volume unit.

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Tesla's stock tumbled recently
after its CEO bought Twitter,

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and investors claimed that he
wasn't paying much attention

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to the car company anymore.

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Then once its sales targets
were entirely missed,

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stocks plunged.

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So the lower prices seem
like a kind of desperate move

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on the company's part, and it
seems to have worked so far.

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Stock prices for the company
have stabilized a little,

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hovering around the $130 mark.

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Still a far cry from where they were

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at the beginning of 2022.

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For more on this and all things Tesla,

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check out jalopnik.com.

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(upbeat music)