Tesla cuts prices in major markets as sales fall
Electric car company Tesla has cut its prices in a number of major markets – including the US, China and Germany – as it faces falling sales.
The move comes after it reported a sharp fall in its global vehicle deliveries in the first three months of this year.
There has been a lot of competition coming from Chinese firms recently and a pricing war has intensified.
The company is due to report financial results for the first quarter of 2024 after the US market close on Tuesday.
Musk took to X (formerly Twitter) to say: “Tesla prices must change frequently in order to match production with demand”.
Other cars change prices constantly and often by wide margins via dealer markups and manufacturer/dealer incentives. Only a fool thinks the “MSRP” is the real price.
— Elon Musk (@elonmusk) April 21, 2024
Tesla prices must change frequently in order to match production with demand.
In China, the firm cut the starting price of the revamped Model 3 in China by 14,000 yuan to 231,900 yuan
Prices of the Model Y, Model X and Model S vehicles in the US were cut by $2,000 (£1,616) on Friday.
There were also price cuts in many other countries in Europe, the Middle East and Africa, according to the Reuters news agency.