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Cars are so expensive now that people can't buy them. The writing's been on the wall since Covid with the used car market and ballooning auto loans. Now that the free money era has dried up, people can't toss $50k at a truck on $50k income.

EVs especially have taken a hit as the government pulls back subsidies and consumers pass on the fad. Add in the cost of refinancing debt these days, and it's financial distress in the making. Tesla is probably just hoping they can hold on long enough for rates to drop again.

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