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NEW DELHI: Tesla has reduced the prices of its EVs in several key markets, including China and Germany, amid declining sales and growing competition. Earlier, it slashed its prices in the Unites States.
Recently, the EV maker announced that its worldwide shipments decreased in the initial quarter, first in almost four years. The automaker is facing stiff competition from more affordable Chinese EVs in this sector.
The starting price of the upgraded Model 3 in China was reduced by 14,000 yuan ($1,930) to 231,900 yuan ($32,000), as indicated on its official website on Sunday.
In Germany, the price of Model 3 rear wheel drive was reduced to 40,990 euros ($43,670.75) from 42,990 euros.
Price reductions were also announced in other countries across Europe, the Middle East, and Africa, as told by a Tesla spokesperson.
The automaker reduced the prices of its Model Y, Model X, and Model S vehicles in the US by $2,000 on Friday. The following day, it lowered the price of its Full Self-Driving driver assistant software to $8,000 from the previous $12,000 in the United States.
The electric vehicle manufacturer has been struggling in updating its older models due to the impact of high interest rates on consumer spending for high-value items. Meanwhile, competitors in China are introducing more affordable models.
Recently, Musk announced that Tesla is set to reduce its global workforce by over 10% as the company prepares for its initial yearly decline in deliveries.
Recently, the EV maker announced that its worldwide shipments decreased in the initial quarter, first in almost four years. The automaker is facing stiff competition from more affordable Chinese EVs in this sector.
The starting price of the upgraded Model 3 in China was reduced by 14,000 yuan ($1,930) to 231,900 yuan ($32,000), as indicated on its official website on Sunday.
In Germany, the price of Model 3 rear wheel drive was reduced to 40,990 euros ($43,670.75) from 42,990 euros.
Price reductions were also announced in other countries across Europe, the Middle East, and Africa, as told by a Tesla spokesperson.
The automaker reduced the prices of its Model Y, Model X, and Model S vehicles in the US by $2,000 on Friday. The following day, it lowered the price of its Full Self-Driving driver assistant software to $8,000 from the previous $12,000 in the United States.
The electric vehicle manufacturer has been struggling in updating its older models due to the impact of high interest rates on consumer spending for high-value items. Meanwhile, competitors in China are introducing more affordable models.
Recently, Musk announced that Tesla is set to reduce its global workforce by over 10% as the company prepares for its initial yearly decline in deliveries.
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