Tesla cuts Model Y prices in Germany

Tesla Inc. has cut the prices of its Model Y electric vehicle (EV) in Germany, Reuters reported on Wednesday.

The decision comes a week after the company reduced prices for Model 3 and Model Y in China.

Tesla cut the prices for Model Y Long Range to 49,990 euros ($54,340) and Model Y Performance was cut to 55,990 euros, both reduced by 5,000 euros.

The price for Model Y rear-wheel drive models were also cut by 4.2 per cent or by 1,900 euros to be sold at 42,990 euros.

The company has announced last week that it would suspend all production in its plant near Berlin from Jan 29 to Feb 11 due to supply chains interruption by the attacks in the Red Sea.