Electric car manufacturer, Tesla, has cut prices worldwide with some vehicles coming down in price as much as 20 percent.
The price cuts come after CEO Elon Musk admitted that prices had been “embarrassingly high”. It also follows warnings from Musk that the world is facing the prospect of a lengthy recession; and after Tesla announced earlier this month that quarterly deliveries fell short of market estimates.
“The discounts may make EV cars affordable to people who were previously priced out of the market. US and French buyers could take advantage of both the discounts and federal tax credits available in both countries for certain electric vehicle purchases”, reports Reuters.
Last year was a tough one for the manufacturer with a vehicle recall in September; logistics’ issues; Musk’s protracted, and ultimately costly, bid to buy Twitter as well as slow growth in China.
