Tesla, responding to intensified competition, has slashed prices in the US, China, and Germany according to a news published by CNN.

In China, the company reduced prices by 14,000 yuan, with the Model Y now starting at 249,900 yuan, its lowest ever. Similarly, in Germany, the Model 3’s price dropped by 2,000 euros to 40,990 euros.

These adjustments follow initial cuts in the US where the Model Y, Model X, and Model S saw $2,000 reductions. However, prices for the Model 3 and Cybertruck remained unchanged. These moves come amid challenges for Tesla, with a 40% stock decline and declining quarterly deliveries prompting job cuts.

CEO Elon Musk postponed his India trip, citing heavy company obligations, delaying anticipated factory plans.