Tesla expands price cuts to China, Germany after reducing FSD cost; shares down
) has announced fresh price cuts in several key markets, including China and Germany, days after similar reductions in the United States, as the company continues to struggle amid declining sales and increasing competition in the electric vehicle market.The carmaker reduced the price of the updated Model 3 in China by 14,000 yuan to 231,900 yuan as shown on its official website. In Germany, the price for the Model 3 rear-wheel-drive version was reduced to 40,990 euros from 42,990 euros.
The move comes after Tesla lowered US prices for the Model Y, Model X, and Model S by $2,000 on Friday. Tesla has been at the forefront of the EV price war, which began over a year ago when it started aggressively cutting prices, impacting profit margins. Earlier this month, Tesla announced it will lay off over 10% of its global workforce as it prepares for its first annual drop in deliveries.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events.
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