Tesla cuts Model Y prices in Germany after China price cuts

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January 17, 2024 1:21 AM EST

Model Y cars are pictured during the opening ceremony of the new Tesla Gigafactory for electric cars in Gruenheide, Germany, March 22, 2022. Patrick Pleul/Pool via REUTERS/File Photo

By Hyunjoo Jin

(Reuters) - Tesla Inc has slashed prices of its Model Y cars in Germany, a week after the carmaker reduced its Model 3 and Model Y prices in China.

Tesla reduced prices for Model Y Long Range and Model Y Performance by 5,000 euros to 49,990 euros ($54,340) and 55,990 euros respectively, representing a discount of 9% and 8.1% compared to the previous prices.

It also cut the price of Model Y rear-wheel drive models by 1,900 euros, or 4.2%, to 42,990 euros, according to data on its website.

The latest price cut comes after Tesla announced last week that it would suspend most of its car production at its factory near Berlin from Jan. 29 to Feb. 11. The company blamed the suspension on the lack of components due to changes in transport routes because of attacks on vessels in the Red Sea.

Germany's electrical vehicle subsidy programme, which was originally intended to apply until the end of 2024, ended prematurely last month, a move that was expected to hit German carmakers already struggling to bring down prices to levels offered by Chinese and U.S. competitors.

($1 = 0.9200 euros)

(Reporting by Hyunjoo Jin in San Francisco and Maria Ponnezhath in Bengaluru; Editing by Michael Perry)


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