(Reuters) – Tesla Inc on Friday slashed prices of its electric vehicles in Europe, Israel and Singapore, extending a global discount drive it began in China in January while raising concern about its industry-leading profit margin.
Following are details of the price cuts:
Tesla reduced prices for all versions of its Model 3 and Model Y cars in China by between 6.0% and 13.5% in January, according to Reuters calculations.
In February, however, the carmaker raised prices of the performance and long-range versions of its Model Y mid-size sport utility vehicles (SUV) in China.
In the second such price increase, starting prices of the two versions of Model Y in China were increased by 2,000 yuan each to 311,900 yuan ($44,983.20) and 361,900 yuan.
The performance Model Y remains 9% cheaper than before the price cuts, while the long-range version is 13% cheaper.
Tesla cut the prices of its Model 3 and Model Y cars by about 10% each in Japan for the first time since 2021. The price for the Model 3 rear-wheel drive version is now 5.369 million yen ($39,501.18), down from 5.964 million yen.
Tesla’s price cuts differed from model to model, but ranged from about 6 million won to 10 million won ($7,702.74), a Tesla sales official in South Korea said.
The price of Tesla’s basic Model 3 rear-wheel drive vehicle was listed as 64.34 million won ($50,637) on the company’s website on Friday. Its Model Y Long Range sports utility vehicle was 84.999 million won.
On April 7, Tesla announced its fifth vehicle price reduction this year in the U.S. market, cutting prices by between 2% and nearly 6%.
Tesla has cut the price of its base Model 3 by a cumulative 11% since the beginning of the year, with a 20% reduction on its base Model Y, according to Reuters calculations.
Tesla cut prices on the Model 3 and the Model Y by about 1% to almost 17%, depending on the configuration, in January.
In April, it lowered the price of the Model 3 by 2,000 euros, or 4.5%, to 41,990 euros ($46,462), according to data on its website.
The carmaker also cut the price for the Model 3 Performance version to 54,990 euros, a discount of 9.8% from the price previously.
The price of its Model Y Performance version was slashed by 9.2% to 60,990 euros. The Model Y rear-wheel drive and long range prices remained the same.
Customers buying the Model 3 for 44,990 euros ($47,860.36) will now get a further price reduction through a government subsidy of 5,000 euros. The upper limit for the EV scheme is 47,000 euros.
Tesla cut prices of its Model 3 and Model Y vehicles by between 4.3% and 5% in April.
Tesla cut prices on real-wheel drive version of both Model 3 and Model Y by S$4,000 ($3,020), and dual motor all-wheel drive version of the two models by S$5,000, its website showed.
The price of the base rear-wheel drive Model 3 was 152,990 shekel ($41,953) as of April 14, down 25% from its price after an initial round of global price cuts in January.
(Compiled by Miyoung Kim, Victoria Waldersee, Anne Marie Roantree, Tiyashi Datta, Akash Sriram and Chavi Mehta; Editing by Robert Birsel)