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An aerial view of Tesla’s Gigafactory in Shanghai, China.
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CNN
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Tesla has announced aggressive price cuts in China and Germany, shortly after reducing prices in the United States, as the world’s largest maker of electric vehicles (EV) faces declining sales and growing competition in major markets.
The latest round of price cuts adds to a series of price cuts that Tesla has made dating back to early last year to try to maintain demand in the face of increased competition from EV offerings by traditional automakers and higher interest rates driving up the cost of car purchases for many buyers. Tesla’s price cuts have squeezed its profit margins and caused its stock to fall about 4% in trading Monday, ahead of its first quarter earnings report due out after the bell Tuesday.
On Sunday, the EV giant slashed the starting…
