Reuters
Tesla turns up heat on rivals with global price cuts
The move, which prompted a 5.6% fall in Tesla’s shares, came after CEO Elon Musk warned that the prospect of recession and higher interest rates meant it could lower prices to sustain volume growth at the expense of profit. Musk acknowledged last year that prices had become “embarrassingly high” and could hurt demand. The lower pricing across the U.S., Europe, Middle East and Africa, following a series of cuts last week in Asia, marks a reversal from the strategy the automaker had pursued through much of 2021 and 2022 when new vehicle orders exceeded supply.