Tesla cuts prices of its vehicles by up to 20% to boost sales

electric car company Tesla decided to cut the prices of its units in the markets of Europe and the United States with the aim of motivating the demand for vehicles.

The measure adopted led to a 4% drop in Tesla shares in premarket trading in New York.

For El Financiero, this reduction is the result of “several quarters of disappointing deliveries.” The company’s shares are down 65% since the beginning of 2022 and 2023 began with a drop close to 10%.

Price reductions occur in countries such as Spain, Germany, United Kingdom Y France days after announcing cuts in China since October.

The company of Elon Musk reduced by up to twenty% the cost of your ModelY and cut up to $21,000 off the price of its most expensive sports cars in its home market (United States). The base version of the Model Y is now $52,990, up from $65,990 previously.

The changes in the US market reduce below the limits that had to be met to qualify for tax credits for electric vehicles of up to 7 thousand dollars, reports El Financiero.

In Spain the model 3 Y ModelY They got a significant discount. The first of them suffered a reduction of more than 6,000 euros.