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Tesla Stock Falls on Continued Price Cuts
Jan 17, 2024 5:29 PM - Davit Kirakosyan
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Tesla (NASDAQ:TSLA) shares have seen a decline of over 2% intra-day today, following the company's decision to reduce prices on its Model Y electric vehicle in Germany. This move is part of Tesla's response to losing its position as the leading electric vehicle seller to Volkswagen in 2023.
In a specific breakdown of the price cuts, Tesla has reduced the cost of the Model Y Long Range and Model Y Performance versions by 5,000 euros each. The new prices are set at 49,990 euros (approximately $54,340) for the Model Y Long Range and 55,990 euros for the Model Y Performance, equating to discounts of 9% and 8.1%, respectively.
This recent price adjustment in Germany mirrors Tesla's earlier price reductions for the Model 3 and Model Y in China, which occurred just a week prior. Additionally, Tesla's official website indicates that the price for the Model Y rear-wheel-drive unit has also been lowered by 1,900 euros, or 4.2%, resulting in a new price of 42,990 euros. These strategic price reductions are part of Tesla's broader efforts to maintain competitiveness in the increasingly crowded electric vehicle market.
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