Latest Updates about the Tesla with global price cuts

Tesla Inc (TSLA.O) has slashed prices globally on its electric vehicles by as much as 20%, extending an aggressive discounting effort and challenging rivals.

Tesla lowered prices across the United States, Europe, the Middle East and Africa, following a series of cuts last week in Asia, in what analysts saw as a clear shot at both smaller rivals.

Shares in Tesla tumbled nearly 4% Friday morning in the wake of a new round of U.S. price cuts and the Chinese government’s refusal to allow Tesla to expand its Shanghai Gigafactory.

The cuts come as more electric vehicles are coming to the U.S. market from other automakers, all of which have newer models and fresher designs than Tesla. 

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The price cuts will make the Model Y, the best-selling electric vehicle in the U.S., eligible for the tax credit of $7,500, making it more competitive.

Tesla has cut the price of some of its most popular electric cars by thousands of pounds in Europe and the US, in a bid to boost customer demand.

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New UK buyers will save £5,500 on an entry-level Model 3 and £7,000 on the cheapest Model Y.

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Last week Tesla revealed its Q4 2022 production and delivery numbers. It built 439,701 vehicles globally, but only delivered 405,278.

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