Tesla Lowers Prices Across Europe
The company led by Elon Musk announced that it is reducing prices on its cars sold in Germany, France, Norway, and the Netherlands.
In Germany, the entry level Model Y now sells for 42,990 euros ($46,760.65 U.S.), a 4.2% discount to the car’s previous price.
The most expensive Model Y Long Range version now costs 49,990 euros, down 8.1% from its previous price.
In France, Tesla lowered prices on its Model Y cars by as much as 6.7%, while in the Netherlands it cut pries by an average of 7.7%.
The price cuts in Europe come a week after Tesla announced price cuts for its Model 3 and Model Y cars in China, where sales are slumping amid a pronounced economic slowdown.
Tesla’s European operations have also been affected in recent weeks by disruptions along the Red Sea shipping corridor, where militant attacks are wreaking havoc on global trade.
Competition in the EV market is heating up with Tesla facing competition from domestic automakers such as BYD in China and Volkswagen (VOW3) in Europe.
Tesla’s stock has gained 67% over the last 12 months to trade at $219.91 U.S. per share. However, the company’s share price is down 12% so far in 2024.
Provided Content: Content provided by Baystreet. The Globe and Mail was not involved, and material was not reviewed prior to publication.
