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Musk said Tesla cars would rise in value, but the opposite happened
Back in 2019, Elon Musk made an astonishing claim for Tesla vehicles. Tesla cars, he said, would go up in value, not down, after they were purchased.
“You can think of every car we sell or produce that has full autonomy capability as something that in the future may be worth five times what it is today,” he said in the company’s third quarter, 2023, earnings call. By aggressively slashing price of its own new cars and SUVs, Tesla has also created a domino effect, pushing down the values of other EVs, as well. “[T]he deployment of Teslas has become a more expensive proposition because when the [manufacturer’s suggested retail price] came down, the residual came down and the depreciation went up,” Hertz chief executive Stephen Scherr said during an earnings call last month.
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