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    Home / News / Auto News / Tesla slashes prices of cars globally amid falling sales
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    Tesla slashes prices of cars globally amid falling sales
    Affordable Chinese EVs have become a cause for concern

    Tesla slashes prices of cars globally amid falling sales

    By Dwaipayan Roy
    Apr 22, 2024
    12:14 pm

    What's the story

    Tesla, the leading electric vehicle (EV) manufacturer, has announced significant price cuts in several major markets including China, Germany, and the US.

    This strategic move comes as a response to declining sales, and increased competition from more affordable Chinese EVs.

    CEO Elon Musk stated that "Tesla prices must change frequently in order to match production with demand."

    The announcement follows a recent report indicating a drop in Tesla's global vehicle deliveries, for the first time in roughly four years.

    Market adjustment

    Model 3 pricing adjusted in key markets

    In China, Tesla has reduced the base price of its new Model 3 by CNY 14,000 ($1,930) to CNY 231,900 ($32,000), as shown on its official website.

    Meanwhile in Germany, the cost of the Model 3's rear-wheel-drive version, has been lowered to €40,990 ($43,671) from €42,990.

    A Tesla representative confirmed that similar price reductions have been implemented across various countries in Europe, Africa, and the Middle East.

    US reductions

    Tesla cuts prices in the US and reduces FSD cost

    In the US, Tesla has cut prices for Model Y, Model S, and Model X vehicles by $2,000.

    In addition to vehicle price reductions, the company has also lowered the cost of its Full Self-Driving (FSD) driver assistant software from $12,000 to $8,000.

    These changes come as Tesla grapples with operational challenges like high-interest rates affecting consumer interest in high-priced items, and growing competition from cheaper Chinese models.

    Operational challenges

    Workforce reduction and delayed India expansion

    In related news, Musk postponed a scheduled trip to India where he was expected to meet PM Narendra Modi, and unveil plans for Tesla's expansion here.

    This delay coincides with Musk's revelation last week, that Tesla will slash over 10% of its global workforce, in anticipation of its first yearly decrease in deliveries.

    These developments follow a report that Tesla had scrapped plans to create an affordable EV in favor of robotaxis, a claim Musk denied without specifying any inaccuracies.

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