Tesla Lowers Prices in Europe and the Middle East Following US and China Cuts

Electric vehicle manufacturer Tesla announced on the 21st (local time) through major foreign media that it will lower the prices of some models in Europe, the Middle East, and Africa.

In Germany, Tesla reduced the price of the Model 3 rear-wheel drive from 42,990 euros (approximately 63.23 million KRW) to 40,990 euros (approximately 60.29 million KRW), a decrease of 2,000 euros.

[Image source=Yonhap News]

Tesla had previously announced price cuts in the United States and China as well. In the U.S., the prices of three main models were lowered by $2,000 (approximately 2.76 million KRW) each. In China, the Model 3 price was reduced by 14,000 yuan to 231,900 yuan (approximately 44.13 million KRW), with all models seeing price reductions.

Foreign media outlets such as Bloomberg cited increased inventory due to weak first-quarter sales in the U.S. and intensified competition in China as reasons for the price cuts. Tesla stated that its shipments in the first quarter of this year decreased for the first time in nearly four years.