Tesla cuts its car prices around the world

Tesla has reduced the prices of its electric vehicles globally, following a tumultuous week for the company. In the United States, the price cuts affected the Model X, Model Y, and Model S, with reductions around $2,000, or less than 5% for the cheapest model. However, prices for the Model 3 and Cybertruck remained unchanged. In China, Tesla’s largest market outside the U.S., prices were cut by 14,000 yuan across all models, representing just over a 5% decrease for the most affordable model. Additionally, price reductions were observed in Germany and reported in other regions including Europe, the Middle East, and Africa. These changes come amidst a backdrop of declining quarterly car deliveries, a first in four years, and a recent recall of the Cybertruck due to safety concerns with its accelerator pedal. The company also reduced its workforce by 10% and saw its stock price revert to levels from a year ago. Tesla is set to announce its first quarter earnings soon, amidst increasing competition from more affordable EVs, particularly from Chinese manufacturers.

Source: NPR