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Tesla cuts global prices after week of crisis

Fact checked by Deanna Ritchie

Deanna Ritchie

Deanna Ritchie is a managing editor at Due. She has a degree in English Literature. She has written 2000+ articles on getting out of debt and mastering your finances. She has edited over 60,000 articles in her life. She has a passion for helping writers inspire others through their words. Deanna has also been an editor at Entrepreneur Magazine and ReadWrite.... Read More

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Elon Musk's Tesla in crisis as he confidently rebuffs the turmoil.

Electric automotive manufacturer Tesla has cut prices of its vehicles globally after a historic week of lows.

The car company, owned by Elon Musk, has not only cut prices domestically for its five landmark vehicles but has also applied the cut rates globally, impacting the international electric vehicle market.

Tesla cuts global prices

Elon Musk’s company, Tesla, has faced a series of challenges. These include legal battles, competition from other automotive giants, and staff departures to rival AI companies. The company has decided to cut its global prices in response to these circumstances.

The effects of Tesla’s price cuts are most evident in its popular models. The Model Y, the company’s flagship vehicle and a top-seller, now stands at $42,990. The Model S and Model X have also seen significant reductions, now priced at $72,990 and $77,990, respectively.

  • Globally, Tesla made price cuts in major selling destinations. The Model 3 was reduced in price by $1,930 in China; in Germany, the same make was reduced by nearly $3,000.
  • Musk was denied a $56bn pay package by shareholders after a judge ruled that the reward for the man near the summit of the Forbes Rich List, was “unfathomable”.

This would cause Tesla’s stock value to take a significant hit as the uncertainty and chaos surrounding the company intensified. Stock over the past week has slumped to USD-12.89(8.35%), falling under the $150 mark for the car manufacturer.

As the Wall Street Journal Reported, this week culminated in the recall of Tesla’s Cybertrucks.

A leading auto safety agency has found that the accelerator pedal on the company’s flagship electric truck could become stuck. The company will move to get ahead of any legal complaints or manufacturing faults that could create legal suits for Tesla.

Musk has delayed his trip to India to focus on all things Tesla in what will be a watershed moment for the company.

Image: Ideogram.

[Related: Tesla and Musk announce more Spring layoffs]

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