February 4, 2023

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Automotive News | Everyone who has an electric car in their garage should cry

(Nettavisen): Used car dealer K bil in Bærum is taking a tough stance against Tesla’s price cuts for electric cars.

Last Friday, Tesla slashed the price of its best-selling Model Y by up to NOK 120,000. As a result, the price of the most affordable model dropped to NOK 431,845.

– Many people laugh at the many stunts that Elon Musk has done in the automotive industry, but everyone who has an electric car in their garage should cry. We spent 10 years building the company, and then Elon Musk’s angel of death spent a day trying to bring us down, owner and managing director Magnus Groseth of used-car shop K Bil at Rud in Bærum tells WebMD. Finansavisen.

Our inventory of NOK 31 million fell by 10 percent immediately, he adds.

After Nettavisen brings up the case, Finansavisen updates her case with the fact that Groseth wants to sell the company to someone with enough financial strength to take it over.

– If I sell and liquidate now, I will be left with about NOK five million. In a few months, I think more people will dump prices, so I don’t dare risk losing everything, he says.

Big Tesla price discounts at Finn.no

It will cause double effects

– This will create bigger market movements than just Tesla. The most important thing about lower prices is that it opens up opportunities for many people to get a good new electric car in light of the recent tax increases, Ståle Frydenlund, chief advisor and test manager at the Norwegian Electric Vehicle Association, told Nettavisen on Tuesday.

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He thinks it’s positive for the average consumer, but it’s boring if you buy a car that quickly gets cheaper after purchase. For those who speculate that car prices will rise rather than fall in price, it will quickly turn into a loss.

I hope the speculators know what they did and take any big losses. It will be like the stock exchange. The market goes up and down. In any case, it will be an advantage if we move away from the market of speculators that exists, and the supply and demand balance.

The alarm sounded about Tesla cars: – Meltdown

The dagger is in the back

For Finansavisen, Groseth says the deposit for several Tesla models he ordered is also included in the account. According to the newspaper, it should be around NOK 2.5 million.

– Last year our turnover was around NOK 220 million and at the end of November we were on track to make a profit of five million. Subtract eight and we start with three million on the negative side this year, says Magnus Groseth.

In 2022, Tesla was the best-selling brand in Norway, according to the Road Traffic Information Board. 21,300 Tesla cars were registered in Norway last year.