Tesla Cuts Electric Vehicle Prices Sharply in the US, China, and Germany

Tesla, the electric vehicle manufacturer, has reduced prices not only in the United States but also in several key markets, including China and Germany, as it battles declining sales and an intensifying price war for electric vehicles, particularly against cheaper Chinese electric cars.

The significant price drop comes after the automaker reported that its global vehicle deliveries decreased in the first quarter for the first time in nearly four years.

Tesla has lowered the starting price of its refreshed Model 3 in China by 14,000 yuan (approximately $1,930) to 231,900 yuan (around $32,000), according to the company's official website.

In Germany, the automaker has reduced the price of its rear-wheel-drive Model 3 to €40,990 ($43,670.75) from €42,990.

According to a Tesla representative, prices have also been lowered in many other countries across Europe, the Middle East, and Africa.

On Friday, the automaker decreased the prices of its Model Y, Model X, and Model S vehicles in the US by $2,000. On Saturday, the company reduced the price of its full self-driving software in the US from $12,000 to $8,000.

Last Monday, Elon Musk announced that Tesla would cut more than 10% of its global workforce as the automaker prepares for its first annual reduction in deliveries.

Tesla’s stock has fallen by 40.8% this year.