Tesla Inc cut prices on its electric vehicles in Europe, Israel and Singapore on Friday, extending a global discounting campaign that began in China in January and raising concerns about its industry-leading profit margins. The price reduction details are as follows:
Tesla cut prices on all versions of its Model 3 and Model Y vehicles in China by between 6.0 percent and 13.5 percent in January, according to Reuters calculations.
However, the automaker raised prices for performance and long-range versions of its Model Y midsize sport utility vehicle (SUV) in China in February.
In the second such price increase, the starting prices of two versions of the Model Y in China have increased by 2,000 yuan, to 311,900 yuan ($44,983.20) and 361,900 yuan, respectively.
The performance version of the Model Y is still 9% cheaper than before the price cut, while the long-range version is 13% cheaper.
Tesla cut the price of its Model 3 and Model Y cars by about 10% each in Japan for the first time since 2021. Prices for the rear-wheel-drive version of the Model 3 are now 5.369 million yen ($39,501.18), down from 5.964 million yen.
Tesla’s price cuts vary by model, but range from about 6 million won to 10 million won ($7,702.74), a Tesla sales official in South Korea said.
The base Model 3 rear-wheel-drive car was listed on Tesla’s website for 64.34 million won ($50,637) on Friday. Its Model Y Long Range sports utility vehicle is 84.999 million won.
On April 7, Tesla announced its fifth car price cut this year in the U.S. market, with a drop ranging from 2% to nearly 6%.
Since the start of the year, Tesla has slashed the price of its base Model 3 by 11 percent, including a 20 percent cut for the base Model Y, according to Reuters calculations.
Tesla cut prices on the Model 3 and Model Y by about 1% to nearly 17% in January, depending on configuration.
In April, the company cut the price of the Model 3 by 2,000 euros, or 4.5%, to 41,990 euros ($46,462), according to data on its website.
The automaker also lowered the price of the Model 3 Performance version to 54,990 euros, a discount of 9.8 percent from the previous price.
The price of its Model Y Performance version was cut by 9.2% to 60,990 euros. Model Y rear-wheel-drive and long-range pricing remains the same.
Customers who bought the Model 3 for 44,990 euros ($47,860.36) will now get a further price cut through a 5,000-euro government subsidy. The ceiling for the EV program is EUR 47,000.
Tesla cut prices on its Model 3 and Model Y vehicles by 4.3% to 5% in April.
Tesla cut the price of the Model 3 and Model Y by S$4,000 ($3,020) for the real-wheel-drive version and by S$5,000 for the dual-motor all-wheel-drive version of both models, according to Tesla’s website.
The base rear-wheel-drive Model 3 was priced at 152,990 shekels ($41,953) as of April 14, a 25 percent drop from the first round of global price cuts in January.
First published date: April 14, 2023 at 15:44 PM CST