Tesla has once again reduced prices for electric cars amid a loss of market share

Tesla, which is the leader in the electric vehicle market, continues to reduce prices for its products in key markets such as China and Germany.

Here's What We Know

These price cuts come after Tesla reported this month that global vehicle deliveries fell in the first quarter for the first time in almost four years.

"Tesla prices must change frequently to match production demand," Musk wrote on Twitter/X.

The company has reduced the starting price of the updated Model 3 in China by 14,000 yuan ($1,930) to 231,900 yuan ($32,000). In Germany, the price of the Model 3 with rear-wheel drive has been reduced from 42,990 euros to 40,990 euros.

According to a Tesla spokesperson, prices have also been reduced in many other countries in Europe, the Middle East and Africa.

Source: Reuters