EVs in slow lane: Tesla slashes prices in China, Germany and other key markets
Billionaire Elon Musk's company has cut the prices of Models Y, X and S after Tesla's global car deliveries in the January-March period declined for the first time in over four years
As the business deals with declining sales, a Cybertruck recall, and an intensifying battle for electric cars, Elon Musk-owned Tesla cut prices of three of its five models in the US on April 19 and then globally, including China and Germany.
2/5
The company cut the prices of the Model Y, a small SUV that is Tesla’s most popular car and the top-selling electric vehicle in the US, and also of the Models X and S, its older and more expensive models. Prices for the Model 3 sedan and the Cybertruck stayed the same.
3/5
The starting prices of the Model Y, S, and X were lowered to $42,990, $72,990, and $77,990, respectively. Tesla then reduced the cost of its "full self-driving" driver assistance software from $12,000 to $8,000 in the US on April 20. It cut the price of the redesigned Model 3 in China by 14,000 yuan ($1,930) to 231,900 yuan ($32,000), according to the company's website.
4/5
Earlier the month, the EV maker said its global car deliveries in the first quarter decreased for the first time in over four years, which coincides with the wave of price reductions.
Investors have also criticised Musk, saying he is overextended following his 2022 acquisition of Twitter, which he rebranded as X. On the other hand, Tesla has requested that its investors support Musk's $56 billion compensation proposal, which a judge rejected this year after describing it as a "unfathomable sum." Musk, who was to be in India on April 21 and 22, put off the visit, citing "heavy Tesla obligations" The EV maker will report its earning on April 23.
![The beginning prices of the Model Y, Model S, and Model X were lowered to $42,990, $72,990, and $77,990, respectively, as a result of the cutbacks. Tesla then reduced the cost of its "Full Self-Driving" driver assistance software from $12,000 to $8,000 in the US on Saturday. Tesla reduced the beginning price of the redesigned Model 3 in China on Sunday by 14,000 yuan ($1,930) to 231,900 yuan ($32,000), according to the company's official website.](https://images.moneycontrol.com/static-mcnews/2024/04/Tesla.jpg "The beginning prices of the Model Y, Model S, and Model X were lowered to $42,990, $72,990, and $77,990, respectively, as a result of the cutbacks. Tesla then reduced the cost of its "Full Self-Driving" driver assistance software from $12,000 to $8,000 in the US on Saturday. Tesla reduced the beginning price of the redesigned Model 3 in China on Sunday by 14,000 yuan ($1,930) to 231,900 yuan ($32,000), according to the company's official website.")
![Investors have also criticized Musk, claiming that he is overextended following his 2022 acquisition of Twitter, which he rebranded as X. In the meantime, Tesla has requested that its investors support Musk's $56 billion compensation proposal, which a judge rejected this year after describing it as a "unfathomable sum."](https://images.moneycontrol.com/static-mcnews/2022/05/tesla.jpg "Investors have also criticized Musk, claiming that he is overextended following his 2022 acquisition of Twitter, which he rebranded as X. In the meantime, Tesla has requested that its investors support Musk's $56 billion compensation proposal, which a judge rejected this year after describing it as a "unfathomable sum."")
