Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

BUSINESS

Tesla expands discounts with price cuts in Europe, Singapore, Israel

Published On :

Tesla expands discounts with price cuts in Europe, Singapore, Israel

By Chen Lin and Victoria Waldersee

SINGAPORE/BERLIN (Reuters) -Tesla Inc on Friday slashed prices for its electric vehicles in Europe, Israel and Singapore, expanding a global discount drive it began in China in January while raising concerns about its industry-leading profit margin.

Tesla last week reported first-quarter deliveries up just 4% from the previous quarter despite offering discounts in the United States, China, Japan, Australia and South Korea aimed at spurring demand.

Days after releasing the disappointing delivery data, Tesla announced its fifth vehicle price reduction this year in the U.S. market, as Washington prepares to introduce tougher standards that will limit EV tax credits.

In 2022, the world’s most valuable automaker also missed CEO Elon Musk’s delivery target of 50% growth, held to a 40% increase due to logistical issues and slowing demand.

Tesla said on Friday it cut prices in numerous European markets including Germany and France because of a scaling up and improvement in its production capacity.

In Germany, Tesla has lowered the price of its Model 3 and Model Y vehicles by between 4.5% and 9.8%, data on its website showed on Friday, marking its second price reduction this year after a price reduction of 1-17% in January.

In Singapore, it cut prices of its Model 3 and Model Y vehicles between 4.3% and 5%, its local website showed.

Tesla also cut prices in Israel, with the price of the base rear-wheel drive Model 3 slashed by 25% after an initial round of global price cuts in January.

Musk has said Tesla would focus on bringing prices down to drive demand and that it had seen success in sparking orders with January’s discounts.

In the United States, Tesla has cut the price of its base Model 3 by a cumulative 11% since the start of the year, with a 20% reduction on its base Model Y.

Tesla reports its first-quarter results next week.

($1 = 1.3244 Singapore dollars)

(Reporting by Chen Lin in Singapore and Victoria Waldersee in Berlin; Additional reporting by Christoph Steitz in Frankfurt; Writing by Miyoung Kim; editing by Jamie Freed and Jason Neely)

Continue Reading

Why pay for news and opinions when you can get them for free?

       Subscribe for free now!


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts