On Sunday, Tesla’s official website revealed that the starting price of the redesigned Model 3 in China had been lowered by 14,000 yuan ($1,930) to 231,900 yuan ($32,000).
The manufacturer reduced the cost of its Model 3 rear wheel drive in Germany from 42,990 euros ($43,670.75), the price it has been charging since February, to 40,990 euros ($43,670.75).
According to a Tesla representative, there were price reductions in numerous other nations in Europe, the Middle East, and Africa.
On Friday, the automaker slashed the price of its Model Y, Model X, and Model S cars in the United States by $2,000. It reduced the cost of its Full Self-Driving driver assistance software to $8,000 on Saturday from $12,000 in the US.
Due to high borrowing rates that have reduced consumer demand for expensive goods, the EV manufacturer has been sluggish to update its aging models as competitors in China, the largest auto market in the world, are releasing more affordable versions.Due to duties at Tesla, Musk had to cancel his trip to India this past weekend, which included a scheduled meeting with Prime Minister Narendra Modi. According to reports on Saturday, part of the trip’s agenda was to reveal Tesla’s plans to join the South Asian market.
Musk announced last Monday that Tesla is preparing for its first annual decline in deliveries and will be laying off over 10% of its global staff.The statement followed a rumor on April 5th, which stated that Tesla has abandoned its plans to develop robotaxis instead of its much-anticipated inexpensive electric vehicle. Following the report, Musk said on Twitter, “the rumor is a lie,” without providing any specific errors. Since he hasn’t discussed the methodology any more, investors are begging for clarification.
This year, the share price of Tesla has dropped by 40.8%.
($1 = 0.9386 euros) or 7.2403 Chinese yuan renminbi