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Tesla cuts Model Y prices in US to boost sales

Tesla has temporarily lowered the prices of some Model Y vehicles in the United States until the end of February. electric car manufacturers Reduce the price of Model Y in Germany.

tesla price cut The Model Y Rear-Wheel Drive and Model Y Long Range each increase in price by $1,000 to $42,990 and $47,990, respectively. The temporary price reduction will run until February 29th and will be 2.3% and 2% off the respective prices of the previous model.

The company opposed price cuts for the Model Y Performance variant and other models, according to its website.

Tesla said on its website that the price reduction applies to deliveries ordered by February 29, adding that prices will increase by more than $1,000 on March 1.

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Tesla has lowered the prices of some Model Y models in the U.S. until the end of February in an effort to boost sales. (Photo credit: Costfoto/NurPhoto, Getty Images/Getty Images)

Last month, Tesla lowered the price of its Model Y in Germany, following price cuts from most EV manufacturers. car production Factories in the Berlin area have ceased operations due to shortages of key parts due to transportation disruptions in the Red Sea.

The company previously announced that production at its Gigafactory in the Berlin area would be temporarily suspended from January 29th to February 11th.

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TSLA Tesla Inc. 193.57 +4.01 +2.12%

Tesla warned in January that sales growth would be “significantly lower” in 2024 as the company focuses on producing its own products. Next generation EV The code name is “Redwood”.

The latest price cuts are expected to further squeeze Tesla’s profits, which have already been hurt by a price war that began more than a year ago.

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tesla berlin gigafactory

Tesla has temporarily suspended production in the Berlin-Brandenburg area due to parts shortages caused by the Red Sea conflict, resulting in ships being rerouted away from the Suez Canal. ((Photo by Patrick Pleul/picture Alliance via Getty Images / Getty Images)

Tesla is bracing for a drop in demand as competition from cheaper EVs, including those made in the US, intensifies. BYD in ChinaIn the final quarter of 2023, it surpassed Tesla to become the world’s largest EV manufacturer.

Major US car manufacturers has been working to balance modest consumer demand for EVs with the development of next-generation EVs.

In the latest sign of slowing EV demand, rental car company Hertz sold about 20,000 EVs, including Teslas, from its U.S. fleet in January, compared to gasoline-powered cars due to high costs associated with collisions and EV damage. announced that it had selected.

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Tesla stock is down more than 22% so far in 2024, but has been largely flat over the past year, down nearly 0.6%.

Reuters contributed to this report.

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