Tesla (TSLA) cuts prices in Europe, Singapore and Israel

Electric vehicle maker, Tesla Inc (NASDAQ: TSLA) on Friday slashed prices or its electric vehicles in Europe, Israel and Singapore. The cuts expand a global discount drive the company began in China in January while raising concerns about its industry-leading profit margin.

Tesla has lowered the price of its Model 3 in Germany by 2,000 euros, or 4.5%, to 41,990 euros ($46,462) per vehicle, according to data on its website. The Model 3 Performance version now sells for 54,990 euros, a discount of 9.8% compared the previous price.

Tesla also cut the price of its Model Y Performance by 9.2% to 60,990 euros. The Model Y Rear Wheel Drive and Long Range prices remained the same.

In Singapore, it cut prices of its Model 3 and Model Y vehicles between 4.3% and 5%, its local website showed. In Israel, the price of the base rear-wheel drive Model 3 was slashed by 25% after an initial round of global price cuts in January.

Tesla said on Friday it cut prices in numerous European markets including Germany and France because of a scaling up and improvement in its production capacity.

In the United States, Tesla has cut the price of its base Model 3 by a cumulative 11% since the start of the year, with a 20% reduction on its base Model Y.

Shares of TSLA are up 0.42% in pre-market trading on Friday.

By Michael Elkins | [email protected]

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