Tesla cuts prices in the US and Europe. Shares fall

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Tesla Cuts Prices Sharply as It Moves to Bolster Demand

Tesla has announced that it will be cutting prices on its electric vehicles (EVs) in order to boost demand for its products. The price cuts will be applied globally and will affect all of Tesla's models, including the Model S, Model X, Model 3, and Model Y. The company has not specified how much the prices will be reduced, but it has stated that the cuts will be "significant."

Tesla cuts prices in the US and Europe. Shares fall


This move by Tesla comes as the company looks to increase sales and maintain its market share in the rapidly-growing EV market. The company has been facing increasing competition from other automakers, many of which are also releasing new electric models in the coming months.

The price cuts also come amid a global chip shortage, which has affected many industries, including the auto industry. Tesla is looking to increase production and sales to mitigate the effects of the chip shortage on its business.

It's worth noting that this is not the first time Tesla has adjusted its prices. The company often changes prices based on local incentives, currency fluctuations and production costs, as well as to introduce new versions of its vehicles.

It's important to note that the information about Tesla's price cut is based on news reports and not an official statement from Tesla, it's always best to check the company's official website or contact them directly for the most accurate information.

Tesla has announced that it will be cutting prices on its electric vehicles (EVs) globally, in an effort to boost demand for its products and maintain its market share in the rapidly-growing EV market. The company has not specified the exact amount of the price cuts, but it has stated that they will be "significant" and will affect all of its models, including the Model S, Model X, Model 3, and Model Y.

This move by Tesla comes amid increasing competition from other automakers, many of whom are also releasing new electric models in the coming months. By reducing prices, Tesla aims to make its vehicles more competitive and attractive to consumers, thereby increasing sales and maintaining its market share.

The price cuts also come amid a global chip shortage, which has affected many industries, including the auto industry. Tesla is looking to increase production and sales to mitigate the effects of the chip shortage on its business.

It is worth noting that this is not the first time Tesla has adjusted its prices, the company often changes prices based on local incentives, currency fluctuations, production costs and to introduce new versions of its vehicles.

This move by Tesla is expected to put pressure on other automakers to adjust their prices and make their electric vehicles more competitive. It remains to be seen how the market will respond to the price cuts and how other automakers will respond to this move by Tesla.

“Competition is coming and they are responding with price cuts,” said Thomas Hayes, chairman and managing member at Great Hill Capital.

The discounts may make EV cars affordable to people who were previously priced out of the market. U.S. and French buyers could take advantage of both the discounts and federal tax credits available in both countries for certain electric vehicle purchases.

The U.S. price cuts on Tesla's global top-sellers the Model 3 sedan and Model Y crossover SUV were between 6% and 20%, Reuters calculations showed, with the basic Model Y now costing $52,990, down from $65,990.

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