Tesla (NASDAQ:) implemented price cuts in several key markets, including China and Germany, days after similar cuts in the United States, as the company continues to struggle amid declining sales and increased competition in the electric vehicle (EV) market.
The automaker has reduced the price of the facelifted Model 3 in China from 14,000 yuan ($1,930) to 231,900 yuan ($32,000), as listed on its official website. In Germany, the price of the rear-wheel drive Model 3 has been reduced to €40,990 ($43,670.75) from €42,990.
Further price cuts were made in other regions, including Europe, the Middle East and Africa, a Tesla spokesperson said.
The move comes after Tesla on Friday cut prices of Model Y, Model X and Model S in the US by $2,000.
On Saturday, the electric vehicle giant also slashed the price of its Full Self-Driving (FSD) assistance software from $12,000 to $8,000.
Tesla has been at the forefront of an electric vehicle price war that began more than a year ago when it began aggressively cutting prices, impacting profit margins.
The company has been relatively slow to update its older models amid high interest rates that have reduced consumer spending on big-ticket items. Meanwhile, competitors in China, the world’s largest auto market, are introducing more affordable models.
Earlier this month, Tesla announced it would lay off more than 10% of its global workforce as it braces for its first annual drop in deliveries.