Tesla cuts prices in China, Germany and around globe

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STORY: Tesla is slashing prices in key markets including China and Germany, as it faces increasingly stiff competition in the market for electric cars.

That follows price cuts in the U.S. last week, and a report by Tesla's billionaire CEO Elon Musk this month that global vehicle deliveries in the first quarter fell for the first time in nearly four years.

Musk posted on X on Sunday that quote “Tesla prices must change frequently in order to match production with demand.”

Tesla’s website showed on Sunday it had reduced the price on some of its models in China and Germany by around $2,000 dollars.

A Tesla spokesperson said there were also cuts in other countries across Europe, the Middle East and Africa.

Tesla has been slow to refresh its aging models as high interest rates have worn down consumer appetite for big-ticket items, while rivals in China, the world's largest auto market, are rolling out cheaper models.

Musk said last Monday that Tesla will lay off more than 10% of its global workforce as the automaker braces for its first annual drop in deliveries.

The company's shares have fallen by over 40 points so far this year.