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Tesla Inc. updated the prices of its Model Y electric vehicles in Europe. Customers in the region may now buy EVs for less as the American automotive firm just slashed its rates.
Tesla issued this new price cut for its Model Y cars in Europe just a week after it reduced the prices of its vehicles in China. According to Reuters, the company said the markdown rates are also in effect in Germany.
Price Reduction Amid Uncertainties
Elon Musk’s automaking company recently cut prices in China due to business uncertainties, including uncertain demand for electric vehicles. Tesla did not explain the basis for its move, but this is likely why it decided to offer its Model Y units at lower prices in the European market. It was reported that the demand for EVs has generally been slowing down because a deduction in state subsidies and steep borrowing costs are pushing buyers to rethink significant purchases.
While the price reduction is good news for buyers, it hurts the business. This is because it was reported that Tesla’s shares dipped by almost three percent after the price cuts. The poor stock performance at the start of the year also played a role in the drop.
New Prices of Model Y for European Customers
The company’s revised prices in France showed as much as a 6.7% markdown for Model Y vehicles. In Denmark, the cut was revealed to be up to 10.8%, while in the Netherlands, customers may buy the said car model for 7.7% less.
Norwegian buyers can enjoy around 7.1% off the original price. Lastly, CNBC reported that in Germany, the Tesla Model Y Long Range is now being sold for only €49,990, a price that shows an 8.1% discount, while the Model Y Performance, the rear-wheel drive version, has been repriced and is now 4.2% cheaper at €42,990.
Photo by: Lazaro Rodriguez/Unsplash
