Tesla cut the prices of its Model Y in Germany, just a week after cutting prices in China, according to a report.
Reuters reported that Tesla
TSLA,
has cut one Model Y vehicle by 9% and another by 8.1%.
Tesla has been overtaken by Volkswagen
VOW3,
as the largest EV seller in Germany, the report said, citing government data.
In a note published last week, HSBC analysts led by Michael Tyndall said the end of a German subsidy program for EVs could force automakers to get aggressive on pricing.
Tesla shares have stumbled out of the gate this year, sliding 12%, though the stock is up 71% over the last 52 weeks.
CEO Elon Musk said he wants more control over Tesla or he’ll lead robotics and artificial intelligence efforts in his own company.
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