Tesla (NASDAQ: TSLA) has cut the price of one of its most expensive optional features. Full self-driving will now cost $99 monthly, down from $199. CEO Elon Musk announced the change on X. It may help Tesla’s shares, which went down 31% this year. There are several ways Tesla could make a comeback.
The company describes the technology: “Your car will be able to drive itself almost anywhere with minimal driver intervention and will continuously improve.” It also provides autosteer on city street traffic and stop sign control, which identifies stop signs and traffic lights and automatically slows the car to a stop on approach. Tesla says it “requires active driver supervision and does not make the vehicle autonomous.: However, many people say that with the feature, they can drive great distances on complex road layouts without touching Telsa’s controls.
The Holy Grail for Tesla’s drivers is a system that works without the driver’s need to watch the road. Many manufacturers and software companies are working on technology that does this. However, regulators must approve the feature before it can be sold.
The price cut is part of Tesla’s efforts to attract customers by offering its cars at lower prices. Tesla has also cut the base prices on many of its vehicles. It was a leader, if not the leader, of EV sales in China. Local manufacturer BYD now holds the lead. Tesla has about 55% of the US EV market. To keep revenue and deliveries growing here, it needs to keep that share in a market where every major car company has challenged it.
Musk has been a clever marketer. The price cut shows he has tried to use that skill again.
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