EU Carmaker Shares Edge Lower After Tesla Price Cuts in Germany, China
January 17 2024 - 6:40AM
Dow Jones News
By David Sachs
Shares in European carmakers fell Wednesday after Tesla cut
prices in Germany, signaling fiercer competition among electric-car
makers there.
At 1058 GMT, shares in Volkswagen were down 2.5%, Stellantis had
dropped 1.6%, Renault was down 3.3%, Mercedes-Benz had fallen 1.8%
and BMW was down 2.6%.
The U.S. electric-car company slashed prices by 5,000 euros
($5,439.25) for two versions of its Model Y, according to its
website. The Performance model now costs German consumers EUR55,990
while the Long Range model costs EUR49,990. Tesla also cut the base
Model Y price by EUR1,900 to EUR42,990.
Fiercer competition and flagging demand are expected to put
pressure on electric-vehicle pricing in Europe this year, HSBC
analysts said in a note last week.
On Friday, Tesla cut prices again in China, hurting Asian
carmaker stocks this week.
Write to David Sachs at david.sachs@wsj.com
(END) Dow Jones Newswires
January 17, 2024 06:25 ET (11:25 GMT)
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