Tesla slashes car prices in US, Europe, pressuring rivals

Electric carmaker Tesla has significantly lowered its prices in Europe due to increasing competition, having already done the same in the United States, China and Japan. The basic variant of the Model Y compact SUV now costs €44,890 ($48,553), €9,100 less than before, Tesla announced on Friday. The entry-level price of the Model 3 dropped by €6,000 to €43,990. Tesla had already lowered prices in the US the day before. In China and Japan, the company had also recently had to offer its cars at lower prices due to sales problems. The US firm is charging over 10% less in China for the Model 3 and the Model Y, the second price reduction since last year. Tesla is facing increasingly strong domestic competition in China from providers such as BYD, Xpeng and Nio. Before the turn of the year, Mercedes-Benz also had to lower prices in China for its luxury car EQS - the fully electric version of the flagship S-Class - and for the electric EQE model. In the last quarter, Tesla increased worldwide deliveries by almost a third to around 405,000 vehicles, but remained below analyst expectations of around 421,000. Tesla dominated the electric vehicle market for several years, selling cars as fast as they could be built. But rivals have begun to catch up globally, with inflation and rising raw material costs also weighing. Tesla stock dropped by two-thirds last year partly because chief executive Elon Musk sold billions of dollars worth of shares to fund his takeover of Twitter.

Tesla slashes car prices in US, Europe, pressuring rivals

The basic variant of the Model Y compact SUV now costs &euro;44,890 ($48,553), &euro;9,100 less than before, Tesla announced on Friday. The entry-level price of the Model 3 dropped by &euro;6,000 to &euro;43,990. Tesla had already lowered prices in the US the day before.

The basic variant of the Model Y compact SUV now costs €44,890 ($48,553), €9,100 less than before, Tesla announced on Friday. The entry-level price of the Model 3 dropped by €6,000 to €43,990. Tesla had already lowered prices in the US the day before.