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Tesla lowered the prices of its cars amid the sharp drop in its shares

Tesla lowered the prices of its cars amid the sharp drop in its shares

tesla cut prices on several of its main markets -including China and Germany- after doing so in the United States, amid a drop in sales and an intensification of the price war in the electric vehicle (EV) sector, especially against its cheaper Chinese rivals.

The wave of price cuts comes after Elon Musk’s electric vehicle maker reported this month that its global vehicle deliveries in the first quarter fell for the first time in almost four years.

Tesla (NASDAQ:TSLA) reduced the initial price of the facelift Model 3 in China at 14,000 yuan ($1,930), up to 231,900 yuan ($32,000), its official website showed on Sunday.

In Germanythe automaker cut the price of its rear-drive Model 3 to 40,990 euros ($43,670.75) from 42,990 euros, where the price has been since February.

There were also price cuts in many other countries in Europe, Middle East and Africasaid a Tesla spokesperson.

Tesla also cut its prices in the US

The automaker cut the prices of its Model Y, Model X and Model S vehicles in the United States by $2,000 on Friday. On Saturday it lowered the price of its Full Self-Driving driver assistance software from $12,000 to $8,000 in the United States.

The electric vehicle manufacturer has been slow to renew its models, Since the high interest rates They have dampened consumers’ appetite for big-ticket items, while rivals in China, the world’s biggest auto market, are launching cheaper models.

This weekend, Musk postponed a planned trip to India, where he was to meet Prime Minister Narendra Modi, citing obligations at Tesla. The trip was to include the announcement of Tesla’s plans to enter the South Asian market, Reuters reported on Saturday.

tesla

The electric vehicle manufacturer was slow to renew models due to interest rates.

Reuters

Bad signs for the market

Last Monday, Musk announced that Tesla would lay off more than 10% of its global workforce, as the automaker prepares for its first annual delivery decline.

The announcement came after Reuters reported on April 5 that Tesla had scrapped its plan to develop its long-awaited affordable electric vehicle in favor of robotaxis. Musk published that “Reuters is lying” after the report, without citing any inaccuracies. He has not commented on the model again, so investors are demanding more clarity.

Tesla shares have fallen 40.8% so far this year.

Source: Ambito

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