Tesla has reduced the prices of its electric vehicles in the United States, China, and other countries, according to online comparisons from late Friday and over the weekend.
In the United States, the business decreased the beginning pricing of its variant X, Model Y, and Model S by $2,000, representing a drop of less than 5% for the most basic variant. Prices for Model 3 and Cybertruck stayed unchanged.
In China, Tesla reduced the price of all of its models on sale to 14,000 yuan, or slightly more than 5% for the most affordable model. According to Tesla’s most recent annual report, China is its largest market outside of the United States, accounting for more than one-fifth of its revenue.
The corporation also reduced the beginning costs of the majority of its cars in Germany. A Tesla spokeswoman told the Guardian and Reuters that prices have been reduced in many additional countries across Europe, the Middle East, and Africa.
The announcement comes as Tesla shipped fewer cars in the fourth quarter than in the same period the previous year, a first in four years. The corporation is set to report first-quarter earnings on Tuesday. Previously, its owner, Elon Musk, has worried about competition, specifically more affordable EV models manufactured by Chinese companies.
Tesla issued recalls for Cybertruck on Friday owing to safety concerns over its accelerator pedal. The electric vehicle manufacturer laid off 10% of its workforce on Tuesday. The company’s stock price has dropped back to where it was a year earlier.