City
Epaper

Tesla trims Model Y prices in US to grow sales amid rising competition from China

By IANS | Updated: February 12, 2024 10:45 IST

San Francisco, Feb 12 Elon Musk-run Tesla has temporarily slashed the prices of some of its Model Y ...

Open in App

San Francisco, Feb 12 Elon Musk-run Tesla has temporarily slashed the prices of some of its Model Y vehicles in the US through the end of February as competition from China rises.

The new price cuts come less than a month after the automaker cut Model Y prices in Germany.

Tesla dropped the price of the Model Y rear-wheel drive and Model Y long-range by $1,000, to $42,990 and $47,990, respectively. The temporary price reduction, which lasts until February 29, offers discounts of 2.3 per cent and 2 per cent off the prior models' prices, reports Fox Business.

According to its website, the company has decided not to reduce costs for its Model Y Performance variant and other models.

Tesla said on its website that the reduced pricing applies to deliveries purchased now through February 29, and that costs will jump by $1,000 or more on March 1.

The company reduced Model Y prices in Germany last month after most of the EV manufacturer's car production at its Berlin-area factory was halted owing to a scarcity of crucial components caused by shipping disruptions in the Red Sea, the report said.

Moreover, the report mentioned that Tesla is bracing for increased cooling demand in the face of expanding competition from a growing number of low-cost EVs, including those manufactured by China's BYD, which surpassed Tesla as the world's biggest EV manufacturer in the final quarter of 2023.

Meanwhile, Tesla has recalled more than two million vehicles -- almost all of the cars it sold in the US -- due to incorrect font size on warning lights.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Open in App

Related Stories

InternationalDefeating Hamas is Israel's primary objective: Israeli PM

CricketRiyan Parag calls for middle-order accountability after huge loss against MI

InternationalUNSC President says meeting on India-Pakistan tensions possible

InternationalUniversities under watch for violating SC orders, says White House Deputy Chief of Staff

InternationalOne killed, 3 injured as vehicle overturns in Golan

Technology Realted Stories

TechnologyZoho CEO Sridhar Vembu has no ‘confidence in tech’, shelves $700 million chip plan

TechnologyYouTube commits Rs 850 crore to power India’s ‘Creator Nation’: CEO Neal Mohan

TechnologyApple clocks 28 pc growth in iPhone shipments in India: Industry data

TechnologyNHRC asks 11 states to boost measures to prevent heat-related deaths

TechnologyNRAI and ONDC refute speculative reports, reaffirm strong partnership