Tesla reduces prices by up to 15 percent to stimulate demand

Jan 15

Tesla, a company that makes electric cars, has decided to lower the prices of some of its popular models by a lot in the US and Europe. They did this to try to get more people to buy their cars. Some people who recently bought a Tesla car are upset because they paid more money before the price went down. Tesla said that people who already ordered a car but haven’t gotten it yet will pay the new lower price. This move was made because the company is facing a difficult time in the economy and more competition from other car makers.

The price cuts are in the range of 10% to 13% in the UK, but run as high as 20% on some US models. For example, new UK buyers will save £5,500 on an entry-level Model 3 and £7,000 on the cheapest Model Y. These cuts have led to some customer backlash, as more than 16,000 customers bought those best-selling models last year and some were angry that they had paid more. In order to avoid similar objections in the US and Europe, Tesla stated that customers who had ordered, but not yet received, their vehicle would be charged the new lower price. This move by Tesla is seen as a response to the difficult global economic outlook and increased competition from other carmakers.
Source: BBC
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