Tesla has cut prices for its Model Y cars across Europe, a week after it cut prices in China, Reuters reports.
The price decline, as well as downgrades from brokerages UBS and Wells Fargo, led to a nearly 3% drop in Tesla shares, which exacerbated the stock’s poor start to 2024.
Tesla has reduced the prices in Germany for the Model Y Long Range and Model Y Performance by 5,000 euros to 49,990 euros ($54 thousand) and 55,990 euros ($61 thousand), respectively.
The company also reduced prices for rear-wheel drive Model Y models:
- In France, it increased by 6.7%;
- In Denmark, it increased by 10.8%;
- In the Netherlands – by 7.7%;
- In Norway, it increased by 7.1%.
It is noted that in general, demand for electric vehicles is slowing down as cuts in government subsidies and high borrowing costs force buyers to rethink large purchases.