'There's nobody that close to Tesla': CoPilot CEO
Tesla (TSLA) is slashing the prices for its two most expensive vehicles in the U.S. The EV giant announcing that prices for its Model S and Model X vehicles will be reduced between 4% and 9% as it looks to drive demand.
Nobody is that close to Tesla. It's amazing how far ahead they are,' CoPilot Founder and CEO tells Yahoo Finance. Ryan says Tesla is able to accomplish this - and its competitors cannot - because 'Tesla basically went through the growing pains of learning how to build EVs sufficiently earlier and got through that gives them the margin advantage...they can afford to cut their prices and still be profitable.'
According to Ryan, several of Tesla's EV competitors are facing significant challenges - Ford (F) when it comes to profitability on its EV sales, and Rivian (RIVN) and Polestar (PSNY) on their decision to not cut prices on its vehicles.
Ryan also advises used car shoppers on timing their next purchase, outlining some of the biggest challenges right now and explaining why buying waiting one to three months could yield greater benefits.
Key video takeaways:
0:00 Why no other EV maker stacks up to Tesla
1:03 Challenges facing used car buyers