End of year financial analysis reports from major financial analysts or firms

Tesla Cuts Prices Up to 22% in China, U.S., Germany Amid Sales Slump

Apr 22, 2024, 06:30 AM

Tesla has implemented significant price reductions across its vehicle models in key global markets, including China, the United States, and Germany, in response to disappointing first-quarter sales and growing inventory levels. In China, the price cuts ranged from 4% to as much as 22% for different models, with the Model 3, Model Y, Model S, and Model X seeing reductions. Specifically, the Model 3 prices were cut by up to 5.7% or approximately 14,000 yuan($1,971), and the Model Y by 4-6%, while the imported Model S and Model X saw reductions up to 22%. Additionally, in the U.S., Tesla reduced prices by nearly $2,000 for all models except the Model 3. These strategic price adjustments come as Tesla faces intense competition in the electric vehicle market, particularly from Chinese manufacturers.