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Elon Musk-led Tesla has cut prices in China and the United States after disappointing first-quarter sales, leading to a surge in inventory.
The carmaker has cut prices across its range, with the Model 3 price down to 231,900 yuan ($32,000) from 245,900 yuan previously, Bloomberg reports. The price of the Model Y, on the other hand, was dropped from 263,900 yuan to 249,900 yuan – or about $34,500.
In the United States, the cheapest version of Tesla’s Model Y costs $42,990. The company has also offered $2,000 off two more expensive versions of the Model Y, and dropped the price of the Model X to its lowest price ever.
Recently, Elon Musk had announced in a memo given to 1.40 lakh employees of the company that he is reducing the number of employees worldwide by more than 10 percent.
Also read: Elon Musk apologizes to Tesla employees: Sent ‘wrongfully short’ severance
Last week, Tesla said it would ask shareholders to vote again on its $56 billion compensation package for the CEO, which was struck down by a US court in January this year, Bloomberg reported.
The company has also recalled about 3,900 Cybertruck pickups to fix or replace accelerator pedals that can move out of place and cause the vehicle to unintended acceleration, increasing the risk of a crash, the report said. Is.
On Saturday, Musk announced he had postponed his planned trip to India this week, where he was expected to meet Prime Minister Narendra Modi.
“Unfortunately, the India trip was delayed due to very heavy Tesla obligations, but I’m very much looking forward to the trip later this year,” Musk wrote on social platform X.
Tesla will report first-quarter earnings on April 23. Its stock is down more than 40% this year due to declining sales, rising competition in China and concerns about Musk’s risky plan to “hit the wall” on autonomy.
The automaker reported a year-over-year sales decline for the first time since the early days of the pandemic, delivering 386,810 vehicles in the first quarter, well short of analyst estimates.
(With Bloomberg inputs)
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