Tesla has slashed prices on its electric vehicles in the United States and Europe by as much as 20%, extending a strategy of aggressive discounting after missing Wall Street estimates for 2022 deliveries
and higher interest rates meant it could lower prices to sustain growth at the expense of profit.last year that prices had become "embarrassingly high" and could hurt demand. Shares were down 2.6% on Friday, following the stock's worst year since its inception due to delivery issues and growing competition.
“Competition is coming and they are responding with price cuts,” said Thomas Hayes, chairman and managing member at Great Hill Capital. The U.S. price cuts on Tesla's global top-sellers the Model 3 sedan and Model Y crossover SUV were between 6% and 20%, Reuters calculations showed, with the basic Model Y now costing $52,990, down from $65,990.
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