Tesla Cuts Prices Sharply as It Moves to Bolster Demand

Tesla (TSLA.O) has slashed prices globally on its electric vehicles by as much as 20%, extending an aggressive discounting strategy and challenging rivals after missing Wall Street delivery estimates for 2022

The lower pricing across the U.S., Europe, Middle East and Africa, following a series of cuts last week in Asia

The U.S. price cuts on its global top-sellers the Model 3 sedan and Model Y crossover SUV, were between 6% and 20%, Reuters calculations showed, with the basic Model Y now costing$52,990, down from $65,990

Tesla also cut prices for its Model X luxury crossover SUV and Model S sedan in the United States

Tesla fans and customers complained the price cuts disadvantaged those who had recently bought a vehicle, leaving them with a lower second-hand value