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Tesla (NASDAQ:TSLA) lowered prices on its Model Y in several markets in Europe to follow similar price drops made in China last week on Model 3 and Model Y vehicles.
The electric vehicle maker reduced prices on Model Ys in Germany, France, Norway, and the Netherlands. The price of the Model Y Long Range was cut by 9% in Germany, while other variants saw smaller reductions. Tesla (TSLA) is currently in a production halt at its Berlin-Brandenburg plant due to a shortage of some components amid shipping disruption in the Red Sea.
The pricing actions by Tesla (TSLA) will impact other automakers in Europe from heavyweights such as Volkswagen (OTCPK:VLKAF) to smaller players like Polestar Automotive (PSNY)
Shares of Tesla (TSLA) were down 1.63% in premarket trading to $216.33 vs. the 52-week range of $124.31 to $299.29. Short interest on TSLA is at only 3.1% of the total float. The Seeking Alpha Quant Rating on TSLA stands at Hold as high factor grades for profitability and growth are offset by low grades for valuation and momentum.
