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Tesla (Nasdaq: TSLA) cut the price of its electric cars in Europe, Israel and Singapore in order to boost demand, extending a global discount push that began in China in January, according to data on its website on Friday, cited by Reuters.
Due to increased and improved manufacturing capacity, the electric vehicle manufacturer has lowered prices in a number of European countries, including Germany and France.
In Germany, the company cut the price of its Model 3 by 2,000 euros, or 4.5%, to 41,990 euros, and the Performance of the Model Y by 9.2%, to 60,990 euros, according to data on its website on Friday, marking the company’s second price. It’s down this year after a 1% cut – 17% in January.
In addition, the long-range Model 3 and performance variants in Germany have been reduced by 9.8% to €54,990.
It cut the cost of its Model 3 and Model Y cars in Singapore by 4.3% to 5%, according to its local website.
Similarly, Tesla cut prices in Israel, where the base rear-wheel-drive Model 3 was slashed by 25% after an initial wave of global price cuts in January.
Tesla has cut the price of its base Model 3 by 11% in the US since the start of the year, with a 20% drop over its base Model Y.
Despite offering discounts in the US, China, Japan, Australia and South Korea to encourage demand, the company’s first-quarter deliveries only increased 4%.
The Hong Kong Economic Times reported earlier this week that the two models will see significant price cuts in China, with the Model 3 Performance version dropping its sticker price by 14.7% and the range-extended Model 3 version seeing an 11% discount. According to the report, the Model Y pricing will be cut by approximately 9%.
Meanwhile, Tesla will not be present at China’s largest annual auto show, which takes place next week in Shanghai from April 18-27, according to event organizers.
down arrow 1.5% before being put on the market.
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