Unfortunately, 2022 wasn’t Tesla’s best year in business, and perhaps not for its CEO either. Elon Musk had to sell massive quantities of shares of Tesla to buy Twitter for $44 billion and lost his position as the world’s richest man. This sell-off of shares devalued the stock, and Tesla lost its spot as the world’s best-selling brand of EVs. As a result, Tesla shares fell to their lowest in 2022, and the EV maker failed to meet its EV delivery target, even after cutting prices to attract buyers for its Tesla Model 3 and Model Y EVs by around 9% in China, its biggest market.
At the beginning of December, Tesla was offering U.S. buyers a $3,750 credit, hoping to get people to buy its EVs before the end of 2022. By the last week of December, the EV maker increased the discount to $7,500 and tacked on an offer of 10,000 free supercharging miles. Hopefully, 2023 will be a better year. The U.S. Treasury Department will release EV tax credit rules around the sourcing of critical materials in March 2023, so Tesla expects the new $7,500 discount to attract more buyers soon and should give some thanks to the 2022 U.S. government.