As it struggles with decreasing sales and increasing competition, Tesla has announced major price reductions for its electric cars (EVs) in important markets, such as China and Germany. This decision comes after pricing reductions in the US and after the business announced a decline in global car deliveries for the first time in almost four years.
In the face of growing competition, especially from more reasonably priced Chinese EV manufacturers, the price reductions are intended to boost demand and reclaim market share. Tesla has been having trouble keeping up its sales pace, so these price cuts are seen to be a calculated response to the state of the market.
On its official website, Tesla states that the starting price of the revamped Model 3 in China has been reduced by 14,000 yuan ($1,930) to 231,900 yuan ($32,000). In the same way, the Model 3 rear-wheel-drive type in Germany was formerly priced at 42,990 euros ($43,670.75), but it is now just 40,990 euros ($43,670.75). This price drop took place in February. A Tesla representative confirmed that price reductions had also been made by Tesla in several more nations in Europe, the Middle East and Africa.
