From Industry Week
Tesla on Friday announced it will cut the price of its best-selling electric vehicle models up to 20% in Europe and the United States, launching a price war as more rivals hit the market.
Shares in the Elon Musk-led company have plummeted for more than a year and fell as much as 4.5% in early trading on Friday, before recovering some lost ground.
“It’s no secret that demand for Tesla is starting to see some cracks in this global slowdown for 2023,” said analyst Dan Ives of Wedbush Securities.
However, Ives said the price cut was the “right move” and “a clear shot across the bow at European automakers and U.S. stalwarts (GM and Ford) that Tesla is not going to play nice in the sandbox.”
Tesla has already lowered prices twice in China in recent months and offered rare promotions in North America late last year.
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