The company lowered the cost of the cheapest Model Y by 20% and lopped as much as $21,000 off its most expensive vehicles in its home market.
Tesla also made major reductions in countries including Germany, the UK and France a week after its second round of cuts in China since October.
Tesla’s stock fell as much as 5.8% as of 9:35 a.m. in New York. Shares of other automakers including Ford Motor Co., General Motors and Rivian Automotive also slumped. The changes in the US drop the price of Model 3 sedans and certain Model Y sport utility vehicles below the caps they needed to come under to qualify for as much as $7,500 electric vehicle tax credits.
Tesla now notes on its website the $7,500 federal tax credit that certain customers are now eligible for will apply to vehicles it delivers through March.
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