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April 22, 2024
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Tesla cuts prices in China, Germany after FSD cost drop; shares fall

Tesla (NASDAQ:TSLA) slashes prices in key markets like China and Germany following recent cuts in the US, amid tough competition in the electric vehicle (EV) market.
Shares dropped over 3% in premarket trading on Monday.

The updated Model 3 now costs 14,000 yuan ($1,930) less in China, priced at 231,900 yuan ($32,000) on Tesla’s official website. In Germany, the rear-wheel-drive Model 3 is now 40,990 euros ($43,670.75), down from 42,990 euros.

Tesla also reduced prices in Europe, the Middle East, and Africa, according to a company spokesperson.
This move follows the US price drops for the Model Y, Model X, and Model S by $2,000 on Friday.
On Saturday, the company cut the cost of its Full Self-Driving (FSD) software to $8,000 from $12,000.
Tesla has been leading an EV price war, aggressively cutting prices over a year ago, impacting profit margins.

Updates to older models have been slow, partly due to high interest rates impacting consumer spending on big-ticket items. Meanwhile, Chinese competitors are offering more affordable models in the world’s largest auto market.
Tesla announced earlier this month plans to lay off over 10% of its global workforce as it anticipates its first annual drop in deliveries.

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