$Tesla(TSLA.US) has introduced new lower-priced M-3 and M-Y trims at -13% and -11% discounts off the premium M-3 and M-Y trims respectively. These are not new models or form factors. They are merely lower-priced trims of the current models, using the moniker “standard”. The standard M-3 is priced at $36,990 (vs $42,490 for the “premium” M-3). The standard M-Y is priced at $$39,990 (vs $44,990 for the M-Y premium). Given that this is just a new trim and does not offer news, our conviction is higher this will not lead to incremental volume growth but instead cannibalize the higher priced trims.
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