From Nasdaq, Inc.:

Tesla has cut the prices of its Model Y vehicles in Germany following similar reductions in China. The Model Y Long Range and Model Y Performance saw price reductions of 5,000 euros to 49,990 euros and 55,990 euros, representing discounts of 9% and 8.1% respectively. The Model Y rear-wheel drive models also saw a 4.2% decrease to 42,990 euros.

The price cuts come as Tesla announced the suspension of car production at its Berlin factory from Jan. 29 to Feb. 11 due to a lack of components caused by changes in transport routes following attacks on vessels in the Red Sea. Additionally, Germany’s electric vehicle subsidy program ended prematurely last month, impacting German carmakers.

The ending of Germany’s electrical vehicle subsidy programme, which was originally planned to last until the end of 2024, is expected to hit German carmakers who are already struggling to match the prices offered by Chinese and U.S. competitors. This move comes as Tesla reduces its Model Y prices in Germany, following similar price cuts in China. The cuts in Germany range from 4.2% for the Model Y rear-wheel drive models to 9% and 8.1% for the Model Y Long Range and Model Y Performance, respectively.

($1 = 0.9200 euros)

(Reporting by Hyunjoo Jin in San Francisco and Maria Ponnezhath in Bengaluru; Editing by Michael Perry)



Read more: Tesla cuts Model Y prices in Germany after China price cuts