Tesla Lowers Electric Vehicle Prices Globally

Tesla Announces Price Cuts on Electric Vehicles Worldwide, Including EuropeFollowing the recent announcement of significant job cuts, Tesla surprised...

Tesla Announces Price Cuts on Electric Vehicles Worldwide, Including Europe

Following the recent announcement of significant job cuts, Tesla surprised the world by announcing a major price reduction on its electric vehicles globally, including Europe.

Billionaire entrepreneur Elon Musk's company, Tesla, revealed that it would be lowering prices on some of its vehicles to combat declining sales and increasing competition.

The company announced that prices would be reduced in Germany, which is Tesla's largest market in Europe, as well as other regions in Europe, the Middle East, and Africa.

The price of the rear-wheel drive Model 3 in Germany will be lowered from 42,990 Euros to 40,990 Euros.

This news comes on the heels of the world's largest electric vehicle manufacturer slashing the price of its "Full Self-Driving" system by approximately one-third.

Furthermore, Tesla has also reduced prices by $2,000 on three of its models in the United States, including the popular Model Y SUV, which is currently the best-selling electric vehicle in the country, as well as the older and more expensive Model X and Model S.

The company has been facing fierce competition, particularly from Chinese rivals, amidst declining sales and an intense price war in the electric vehicle market. Reports suggest that Elon Musk's personal reputation has also played a role in shaping the perception of the company.

Just recently, Tesla reported an 8.5% dip in deliveries during the first quarter of the year, marking the first decline in nearly four years.

Investors on Wall Street are closely watching the upcoming quarterly earnings report of the electric vehicle manufacturer, anticipating further slowdown in revenue growth and net income.

The price reduction came one day after Tesla's stock price dipped below $150 per share, effectively wiping out all the gains made over the past year.

Due to decreased sales and increased competition, the company's stock has declined by approximately 40% so far this year.

25 Nis 2024 - 13:25 - Business

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