Energy & Critical Metals
Tesla Again Cuts Prices On Its Electric Vehicles To Boost Sales
Tesla (TSLA) is reducing the prices of its electric vehicles in the U.S. and Europe by as much as 20% as it seeks to boost sales amid escalating competition…
Tesla (TSLA) is reducing the prices of its electric vehicles in the U.S. and Europe by as much as 20% as it seeks to boost sales amid escalating competition from other automakers.
This is the latest in a series of price cuts issued by Tesla in recent months. Discounts from the electric vehicle maker have included other jurisdictions such as China and Canada.
Tesla chief executive officer (CEO) Elon Musk has said that the prospect of a recession and higher interest rates have forced it to lower prices to sustain volume growth.
The latest U.S. price cuts on its top-selling Model 3 sedan and Model Y crossover SUV are between 6% and 20%. A basic Model Y electric vehicle now costs $52,990 U.S., down from $65,990 U.S. previously.
Tesla also announced price cuts on its Model X luxury crossover SUV and Model S sedan in the U.S. market.
In Germany, Tesla reduced prices by 1% to 17% on the Model 3 and Model Y vehicles. It also reduced prices in Austria, Switzerland, and France.
Tesla cut prices in China last week, which analysts say could lead to a price war in the word’s largest electric vehicle market.
Tesla’s stock fell 4% in premarket trading on news of the latest price cuts. The Austin, Texas-based company’s share price has declined 64% over the last year to $123.56 U.S. per share.
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