Tesla Stock Falls on Continued Price Cuts
Tesla Stock Falls on Continued Price Cuts

Tesla Stock Falls on Continued Price Cuts

Jan. 17, 2024, 12:29 p.m., readers: 31

Tesla (NASDAQ:TSLA) shares have seen a decline of over 2% intra-day today, following the company's decision to reduce prices on its Model Y electric vehicle in Germany. This move is part of Tesla's response to losing its position as the leading electric vehicle seller to Volkswagen in 2023. In a specific breakdown of the price cuts, Tesla has reduced the cost of the Model Y Long Range and Model Y Performance versions by 5,000 euros each. The new prices are set at 49,990 euros (approximately $54,340) for the Model Y Long Range and 55,990 euros for the Model Y Performance, equating to discounts of 9% and 8.1%, respectively. This recent price adjustment in Germany mirrors Tesla's earlier price reductions for the Model 3 and Model Y in China, which occurred just a week prior. Additionally, Tesla's official website indicates that the price for the Model Y rear-wheel-drive unit has also been lowered by 1,900 euros, or 4.2%, resulting in a new price of 42,990 euros. These strategic price reductions are part of Tesla's broader efforts to maintain competitiveness in the increasingly crowded electric vehicle market.


About NASDAQ: TSLA

T esla, Inc. designs, develops, manufactures, leases, and sells electric vehicles, and energy generation and storage systems in the United States, China, and internationally. It operates in two segments, Automotive, and Energy Generation and Storage. The Automotive segment offers electric vehicles, as well as sells automotive regulatory credits;

Price: 195.04
Market cap: 621.2 billion USD
Eps: 4.31
P/e ratio: 45.25
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