After the US, Tesla continues to cut the price of its cars around the world. The next round of price cuts extended to Europe, Singapore, and Israel. High margins allow Tesla to make such moves, putting pressure on competitors.
Tesla has slashed the prices of its electric vehicles in Europe, Israel, and Singapore following similar cuts in the US last week. This was the next round of price cuts this year to capture the attention of consumers by showing them that electric vehicles are becoming more affordable. It will also put huge pressure on all competitors, not just on electric vehicle makers. Tesla's high margins allow it to continue cutting prices, something that the vast majority of competitors are unable to do.
The company's production facilities, which produce Tesla vehicles using new technologies, continue to expand around the world. It also makes it possible to quickly and cost-effectively deliver vehicles to customers. In Germany, for example, the company cut the price of its Model 3 by €2,000, or 4.5%, to €41,990. The cost of Model 3 Long Range has been reduced to €50,990 and Performance by 9.8% to €54,990. The cost of Model Y Performance has been reduced by 9.2% to €60,990.
In addition, Tesla reduced the cost of its Model 3 and Model Y vehicles in Singapore from 4.3% to 5%. Prices in Israel is also pleasantly surprised local consumers. The price of the base Model 3 with rear-wheel drive has been reduced by an impressive 25% after all rounds of price cuts since January 2023.
Earlier this week, the Hong Kong Economic Times reported that Tesla also plans to cut prices for Model 3 and Model Y in China. The price of Model 3 Performance will reportedly be slashed by 14.7%, and Model 3 Long Range by 11%. According to the report, Model Y prices will be reduced by about 9%.
© 2023, Eva Fox | Tesmanian. All rights reserved.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.