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Tesla tumbles on price cuts and reports of German protests

Published 2024-03-04, 02:33 p/m
Updated 2024-03-04, 03:15 p/m
© Reuters.  Tesla tumbles on price cuts and reports of German protests

Proactive Investors - Tesla Inc (NASDAQ:TSLA, ETR:TL0) shares fell over 7% on the back a fresh round of price cuts launched in China and the US, as well as reports that it is facing growing opposition in Germany.

A note from analysts at Deutsche Bank (ETR:DBKGn) noted local reports that the electric vehicle manufacturer has started to offer incentives of up to around $5,000 in China on Model 3 and Model Y.

Incentives in its home market include offering 5,000 miles of free use of its fast-charging network, in addition to offering full self-driving and other promotions through to the end of March.

Last year, Elon Musk's company launched a series of price cuts in China to try and deal with fierce price competition from local rivals, while in the US it was seen as spicing up demand.

Meanwhile, in Germany, there were reports of protesters outside its Berlin plant, a vote against the company's plan to expand the plant and calls from the local water authority to cut the Tesla Gigafactory off from the wastewater system as it was almost continually polluting it with discharges of excess phosphorus and nitrogen.

These anti-Tesla Germans have camped out in the woods bordering the plant, some in treehouses and fed by communal kitchens, according to the Telegraph, with an impromptu piano concert held recently.

At $188.34, Tesla shares are down over a third from their one-year high last July and have more than halved from their all-time high in late 2021.

Read more on Proactive Investors CA

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