there is an article about tesla cars being cheaper in a certain state called colorado. the state gives people money to buy electric cars, which helps make them more affordable. tesla cars can cost less than $20,000 if you live in colorado. elon musk, the person who started tesla, says that colorado has the best deals for electric cars in the whole country. Read from source...

A Tesla Car Costs Less Than $20K If You Live In This State: Elon Musk Agrees It Has 'Best EV Incentives In Country'

According to this article, Tesla has drastically brought down electric-vehicle prices in the U.S. through successive price cuts implemented since the start of 2023. The state of Colorado, located in the western part of the country, has made EV buying even more affordable with its native incentive programs. Tesla and its CEO Elon Musk have deemed it fit to publicize the affordability facilitated by the state.

What Happened: Tesla influencer Sawyer Merritt on Wednesday shared a screenshot of the Tesla App showing the incentives that can be availed in Colorado. On top of the $7,500 federal EV tax credit to applicable vehicles, the state offers a $5,350 innovative motor vehicle tax credit for EVs with a maximum manufacturer’ s suggested retail price, or MSRP, of $80,000, a $5,500 Xcel EV rebate, and a $6,000 vehicle exchange Colorado program, with a maximum MSRP of $80,000.

Tesla advertised that a Model Y in the state could cost as little as $15,780 after all incentives and gas savings, and a Model 3 for $14,780. Tesla’ s cheapest Model 3 in the U.S. is the Long Range rear-wheel drive, which costs $34,990 after incentives but not including estimated five-year gas savings. This variant is eligible to receive the $7,500 federal tax credit. Assuming a customer in Colorado buys this car, he could buy it for a cash payment of $19,780, factoring out the gas savings.

The Model Y LR RWD variant is the cheapest Model Y EV for Tesla in the U.S. and the configurator page lists the price at $31,490, which includes the federal tax credit of $7,500 and five-year gas savings of $6,000. Without gas savings, a Model Y trim’ s cheapest variant costs $37,490. Adding back the gas savings in, the cheapest Model Y available for purchase in Colorado would cost $21,780.

Elon Musk commented on the influencer’ s post, agreeing that “Colorado has the best EV incentives in the country.”

Why It’ s Important: The EV industry is going through harrowing times as demand tapers and industry players, especially the startups are facing the brunt of the aggressive pricing strategy. Some including Fisker and Arrival have already filed for bankruptcy protection and others are struggling with dwindling cash positions.

The inclement conditions have not spared established legacy automakers, which have ventured into the EV arena. Ford Motor Co. F has scaled back its EV ambitions multiple times in the past, and its crosstown rival General Motors Corp. GM is not progressing at the pace it would have desired to.

Tesla’ s scale of operations and its

bullish

Reasoning: The article discusses how Tesla has significantly reduced electric vehicle prices in the U.S. due to successive price cuts, and Colorado state's inherent incentive programs make EV buying more affordable. Elon Musk agrees that Colorado has the best EV incentives in the country. This news is bullish for Tesla stock.

1. Tesla (TSLA) - BUY
- Price: $19,780 (Model Y LR RWD Variant)
- Price after incentives and gas savings
- Elon Musk agrees that Colorado has the best EV incentives in the country

2. Xcel Energy (XEL) - BUY
- Offering $5,500 EV rebate
- Eligible EVs have varying MSRP

3. Innovative Motor Vehicle Tax Credit
- $5,350 tax credit for EVs with MSRP ≤ $80,000

4. Vehicle Exchange Colorado Program
- $6,000 vehicle exchange program for eligible EVs

Risks:
- Market conditions may impact the value of Tesla's stock.
- Changes in government incentives and policies may affect the demand for Tesla vehicles.
- Competition from established automakers and new EV startups could impact Tesla's market share and profitability.