Tesla has cut prices in select markets once again as it hopes to boost demand.
Late last week, the Californian EV manufacturer announced price cuts for European markets including Germany and France while also cutting prices in Singapore and Israel. These cuts came after Tesla revealed its deliveries had only increased by 4% in the first quarter compared to Q4 2022 despite significant price reductions across all of its major markets, including the United States and China.
Tesla’s latest cuts started in Germany where prices for the Model 3 and Model Y have decreased by 4.5% and 9.8% respectively. This comes after Tesla cut German prices by as much as 17% in January. Over in France, Auto News reports that prices for the Model 3 now start at €44,990 ($49,436) and customers will benefit from a €5,000 ($4,594) government subsidy.
Read: Tesla Surprises No One With Record Deliveries In Q1 After Massive Price Cuts
Elsewhere, prices for new Tesla models in Singapore have been cut by between 4.3% and 5%. Over in Israel, the starting price for the entry-level rear-wheel drive Model 3 has been reduced by 25%.
These cuts came shortly after Tesla chief executive Elon Musk confirmed that prices would continue to drop to stroke demand.
“Our mission is to accelerate the transition to renewable energy. Our masterplan has set a clear pathway to achieve that mission: the transformation of cost-intensive small-series products to cheaper mass-series vehicles,” Tesla added in a recent statement.
Tesla’s most recent quarterly sales figures revealed that 6% more Model 3s and Model Ys were delivered to customers but that deliveries of the Model S and Model X fell by 38% from Q4 last year. Many analysts think the 4% overall rise in deliveries points to consumer worries over the economy and the increasingly strong presence of Tesla rivals.
